Living in Atlanta, we define the City in much broader terms. Georgians consider the surrounding five metro counties to be Atlanta. There are USDA loans available in these counties. For example, north of the city in Forsyth County, there are pockets that allow USDA 100% financing loans. USDA has a very nice search tool. It allows you to search by map feature or exact address. Eligibility (usda.gov)
What is the scoop on these loans, and do you qualify? The loan qualification is determined by the median income of all adults living in the home. For example, if a couple lives in Forsyth County they cannot exceed a joint income of $103,500 for a 2 - 4-person household.
Don't think you can qualify? Keep reading, there are items that can reduce your income to "fit" in the limits.
- Childcare expense
- Adult in-home care
- Medical expenses for the care of an adult family member
Back to our example couple in Forsyth County:
- Adult 1 earns $65,000 a year as a nurse
- Adult 2 earns $49,000 a year as a mechanic
The combined income now is $114,000 which is over the limit. However, they pay $1400.00 a month ($16,800 a year) to a daycare center for their infant daughter. Using the daycare reduction, they will now qualify for a USDA loan with a zero down payment.
Even with zero as a down payment requirement, other expenses and costs are still associated with purchasing a home. These costs can sometimes mirror the fees to start a lease with an apartment complex.
- Appraisal fee
- Attorney fees
- County taxes
If you are considering a home purchase and a USDA home loan, it all starts with becoming pre-approved by one of Southpoint's loan officers. We are open from 8 am to 8 pm. Our loan officers are ready for calls and texts to get you moving in the right direction.
Written by Patricia Eubanks, Vice President