Below is great information about USDA Loans shared by Debbie Miller of Heritage Bank in McDonough, GA.
If you have never heard of these loans, they are for people who wish to buy homes in rural areas. The loan is a 100% loan - no down payment required. There is a fee involved and the home has to be located in a designated area.
So, if you have questions - call Debbie Miller - her contact information is below. Once she gives you the nuts and bolts, give me a holler! I wold be happy to help you find a home.
With the start of USDA’s fiscal year on October 1st, the following two important changes become effective for the Rural Housing program.
· Increased Annual Fee
o Effective with all new obligations as of October 1st, 2014, the annual fee will increase from 0.40% to 0.50%.
· Eligible Rural Housing Areas
o Barring any further Congressional action, the changes to the eligible rural areas that were announced at the end of last year will become effective on October 1st.
o Please consult the USDA Income and Property Eligibility web site for details on the areas that will be affected.
§ http://eligibility.sc.egov.
o For the state of Georgia, the major change will be the removal of Chatham County from the list of eligible areas.
o For the current eligible areas, USDA will accept complete submitted applications through September 30th.
Debbie Miller | AVP,Mortgage Banker
2125 Keys Ferry Court, McDonough GA 30253
o: 770.288.3155| c: 770.630.6579| efax: 404-829-1747
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