Tag Archives: down payment assistance

Don’t worry about USDA running out of money!

15 Mar

Awhile back I blogged about the USDA loan program. Read about it here. It’s big business in my local area and has helped tons and tons of people purchase homes that may not have been able to before. In short, the USDA loan is designed to be 100% financing and is in place to stimulate growth and development in “rural areas”.

Unfortunately, USDA is expecting the fiscal year of 2010 funding to be depleted by the end of April. Therefore, many lenders have stopped registering any new USDA applications as of last Friday. I would venture to say that there may be a correlation for the depletion of USDA funds and the mad dash for first time home buyers to take advantage of the $8,000 first time buyer credit.

On the flip side of that coin, applicants in need of 100% financing still have options. For instance, in lieu of the USDA loan, a borrower can seek out the Georgia Dream loan program. Georgia Dream has specifications and limitations, just like any other loan would. It is designed for first time home buyers needing down payment and closing cost assistance. There is a minimum credit score required and a maximum occupant number per household. Read about it here.

Need help finding a home? Have questions about loans, lenders or a property? Give me a call!