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Home loan limit hiked in rural Georgia

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POSTED: March 31, 2007 5:13 a.m.
More families trying to buy a home may be interested in considering USDA-Rural Development’s programs, because the loan limits in all Georgia counties recently increased.
This means in counties where the cost of housing is higher, we may now be able to help families that wouldn’t have been able to find suitable housing under the old limits,”said Stone Workman, state director of USDA-Rural Development.
In Liberty County, the loan limit is increasing from $119,000 to $145,500.  This is an increase of 22 percent.
“The cost of affordable housing has increased substantially.  These increases in loan limits will hopefully bring in more applicants to our local office”, said Jeanmarie F. DeLoach, Rural Development Manager of the Statesboro Rural Development Office.
The Statesboro Rural Development Office is responsible for Rural Development’s single family housing programs in 11 counties.  These counties are:  Bryan, Bulloch, Candler, Chatham, Effingham, Evans, Liberty, Long, McIntosh, Tattnall and Toombs.
USDA-Rural Development provides loan and grant programs for rural areas.  Single family housing programs are designed to help income eligible families who want to move from renting to the dream of homeownership.  Borrowers from the direct home loan program can’t qualify for conventional loans most of the time because of their income levels.
“Georgia has 159 counties and we are restricted from making loans in urban areas,” Doug Canup, director of single-family housing programs in Georgia, said.
In Liberty County, for example, the limits went from $119,000 to $145,500, up 22%. In Long, those numbers are $119,000 to $146,600, up 23%.
For more information about Rural Development’s housing programs, a complete list of the Rural Development offices in Georgia and the counties they serve, please visit our website at:  www.rurdev.usda.gov/ga.  You can reach these offices Monday through Friday from 8 a.m. to 4:30 p.m.
 

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