0 votes
I am first-time buyer with very low income and would like to get a loan. I live in Georgia, am a grandmother raising my grandchild,
and would like to buy a small home in Griffin, Georgia. I am working on my credit score. I have no credit score, no debts, I pay my bills on time and have paid rent a month in advance for the last three years.
asked Aug 11, 2018 in FHA Loans by Marie
edited Sep 25, 2018 by GinaPogol

1 Answer

0 votes
According to the Census Bureau, Griffin, Georgia has fewer than 25,000 people. You would likely be eligible for USDA financing, which requires zero down and was created especially for people with very low incomes. Under the Direct program, you borrow from the government and may get a subsidized mortgage rate as low as 1 percent. If your income is higher than the max for the Direct program, you may apply under the Guaranteed program, in which the money comes from private lenders but the loan is guaranteed by the USDA. To qualify, in most (but not all) cases you need a credit score of at least 640. But if you have no credit score, you'd still be eligible.

Thank you for writing and please feel free to contact us if you have further questions.
answered Sep 10, 2018 by GinaPogol (47,650 points)
edited Sep 10, 2018 by GinaPogol

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