On February 22, 2017, the United States Department of Agriculture (USDA) will present updates affecting Single Family Housing programs in Georgia. Special program updates will include recently increased Area Loan Limits for Georgia in the Single Family Housing Direct Loan Program and the introduction of the Single Close Construction Guaranteed Loan that can help realtors get paid faster on new construction loans.
While all builders, realtors and lenders are invited, this is an opportunity for realtors to earn 3.0 Georgia Real Estate Commission accredited Continuing Education Units, (Introduction to USDA Rural Development No-Down Payment Loans, Course 67743). Materials and training are free. Real Estate Professionals interested in attending may register by emailing Deborah.Callahan@ga.usda.gov or calling (706) 552-2595.
The event will be held from 10:00 a.m. – 1:00 p.m. (Eastern) at the Oconee County Civic Center, 2661 Hog Mountain Road Watkinsville, GA 30677. Complimentary refreshments and lunch will be provided by 1st Signature Lending.
Participants will receive updates to the USDA Agriculture Housing Programs, whose no-down-payment loan programs can help low-and moderate-income households achieve the American dream of homeownership. Eligible buyers may build, rehabilitate, improve or relocate a dwelling in an eligible rural area.
Effective January 6, 2017 the Area Loan Limits for Single Family Housing Direct Loan Program in Georgia significantly increased, allowing increased opportunities for builders in particular. Depending on the county, the maximum amount applicants can borrow now ranges from $220,532 to $287,040. This is up from 2016 levels, which ranged from $110,600 - $187,800. Note that the practical loan limit is based on the applicant's income and loan repayment ability.
Separately, lenders and home builders participating in the Single-Family Housing Guaranteed Loan Program now have a new tool to expand access to affordable rural housing and increase financing opportunities for low- to moderate-income applicants. The new combination construction-to-permanent loan, also called a "single close loan," allows approved lenders to close a new construction loan and receive a loan note guarantee before construction begins.
Training is available on both the Single-Family Housing Guaranteed Loan Program and the Single Family Housing Direct Loan Program updates at the Oconee County Civic Center, 2661 Hog Mountain Road Watkinsville, GA 30677 from 10:00 a.m. until 1:00 p.m., Wednesday, February 22, 2017. Register to attend by emailing Deborah.Callahan@ga.usda.gov or calling (706) 552-2595.