USDA Housing Loan vs FHA loan vs Georgia Dream Loan vs Habitat for Humanity House Loan Program (Atlanta: low income)

[declinelocalname]

Have anyone ever applied for a USDA Housing Guarantee or Direct Housing Loan and got approved? I'm just wondering how it works! How long is the process, is there a certain credit score or monthly income you need to meet to e approves.

What are the requirements for an FHA Loan? I heard you put 5% down with this loan and apply through your local bank.

What about the Georgia Dream Housing Loan Program? How does this one work and the requirement and qualifications to obtain one?

Anyone familiar with the Habitat for Humanity Housing Loan Program and how it works? Not sure which one I should apply for

[GAtransman]

Great question, I'm interested in the same information. In more interested in the usda loan. My wife and I have a very low income. We are both full time students. I want to know if being in school would affect the decision or not and how does the whole process work. Along with if a 600 credit score is good enough?

[Mrgodfreydeveraveteran]

Same question first time home buying, the lender name vetera s united.. has anybody worked with them.. how good is this lender. Any other lender better how would i determine. Which will be better for me.

[game638]

GA dream offer down payment assistance.






FHA guidelines says credit score of 580 and above can qualify you
USDA you may can get by with same score or need around a 600
Habitat for Humanity doesn't do home loan but you fill out application with them stating you want to apply for a house built by them. you put 500 sweat hours in to help build the home yourself with them. It's certain income limits according to household size. They do a credit check and you can't have nothing on your credit report negative and not paying on it for them to approve you. There is no interest on the loan term and I think the homes are like $50,000 they build for u. Usually 3bdrm 2bth 1100sqft or more.
I'm not exactly sure of exact sq ft or amount of home loan.


Oh yeah, USDA and FHA also pull credit and you have to be under a certain debit to income ratio for loans. But the GA Dream interest rate is 4% on home loans and can offer down payment assistance . U have to take a homebuyer class 1st approved by the agencies.


I've not had a good experiences with the majority of the lenders in the middle Georgia area. They have been rude and unwilling to allow you to speak first before talking. They automatically start judging base on looks before knowing your income.


I would list specific banks I don't recommend but not sure if i'll be violating the rules on this site, so I will not.

[ddm2k]

Originally Posted by declinelocalname

Have anyone ever applied for a USDA Housing Guarantee or Direct Housing Loan and got approved? I'm just wondering how it works! How long is the process, is there a certain credit score or monthly income you need to meet to e approves.

What are the requirements for an FHA Loan? I heard you put 5% down with this loan and apply through your local bank.

What about the Georgia Dream Housing Loan Program? How does this one work and the requirement and qualifications to obtain one?

Anyone familiar with the Habitat for Humanity Housing Loan Program and how it works? Not sure which one I should apply for

If it wasn't for the government shutdown in early 2014, my USDA Guaranteed Load from SunTrust should have closed sooner. But it took from November '13 to March '14.

The minimum FICO for a direct loan (not my product, made too much) was 580.

The minimum FICO for a guaranteed loan (my product) was 620.

I'd worry about making too much rather than making too little. Limit for my rural NC area was $70000 for a household of two. In my state capital it was up around $90000 household income.

I looked up the Georgia Dream program https://www.dca.ga.gov/sites/default..._nov._2018.pdf and it seems that the income cap is $75k for most areas, and home price max is $200-250k. In most Atlanta metro areas, this window has passed - decades ago.

Paulding county, in which you could get 5 BD / 3.5 BA, new construction homes just a few years ago, was not in the "targeted" areas. The targeted areas are even FURTHER out, like Floyd county...

These must not be ATL-based jobs that make up this household income, unless you're a supercommuter.