In this article
Key Takeaways:
- Silver City combines convenient access to all the amenities of Atlanta in a safe, prosperous, and fast-growing county that still has quiet rural areas.
- Silver City students have excellent educational opportunities, including charter schools and Forsyth Central High’s STEM Academy.
- Forsyth County is Georgia’s most prosperous, with a 2018-2022 median household income of $131,660 and population growth rate between 2010 and 2020 of 43 percent.
- Moreira Team members can help homebuyers in this area secure USDA home loan programs that offer attractive interest rates and no-down-payment options. Compare and calculate potential mortgage packages with this mortgage calculator Georgia residents can use. If pre-approval for a mortgage would be an advantage, start here.
Whether you’re a first-time homebuyer or an experienced homeowner looking to move to a quieter and more affordable area, you would do well to consider Silver City, Georgia. The Moreira Team offers a mortgage calculator Georgia residents can use to find a USDA home loan for you that will be significantly less than typical mortgage rates in Georgia.
Silver City is a largely rural unincorporated community identified as a County Census Division and is a short drive from Cumming, Forsyth County’s seat of government and commercial center. Offering both a variety of established neighborhoods, new developments, and rural acreage, Silver City is eligible for USDA home purchase loans and home improvement loans that can offer no-down-payment terms and unusually attractive mortgage rates in Georgia, giving even more reason to buy or build a home in the area.
Safe Area, Safe Investment
Life in Silver City is easily described as idyllic. Tucked in the northwest corner of the county, Silver City offers both exurban communities planned for neighborliness and rural properties that can provide all the privacy and quiet one might want. Forsyth County is consistently one of the safest areas in Georgia, with per-capita crime rates measuring a small fraction of statewide averages.
For all its slower pace, though, Forsyth County is hardly sleepy. One of the fastest-growing counties in the nation, its population expanded by 43 percent between 2010 and 2020, and the Census Bureau estimate now stands at 272,887. Median property value for owner-occupied residences in 2022 was $451,000, and out-migration from Atlanta virtually guarantees the strength of investments in land and homes here for decades to come.
One might say Silver City is just about the ideal distance from “the Capital of the South.” Near the northern edge of the 29-county Atlanta Metropolitan Statistical Area (MSA), Silver City is just 45 minutes from Atlanta’s I-285 Perimeter, putting big-city nightlife, sports, dining, and the world’s busiest airport within easy reach while keeping the more aggravating sides of city life at arm’s length.
With so many reasons to live in Silver City, the Moreira Team’s free mortgage calculator Georgia residents can use is a good place to start your search.
Fun In So Many Forms
The list of reasons to live here is far more than just the practicalities. The recreational possibilities in Silver City and nearby span from wild spaces and open waters to team sports and community festivals. Nearby Lake Sidney Lanier offers thousands of acres of skiing, boating, and fishing along with nearly 100 parks across its 680 miles of shoreline and dozens of mainland and island beaches. Other public and private lands offer hunting opportunities for small and large game.
Lanier Islands is a resort complex with a hotel, lake houses, camping, a water park, restaurants, wedding venues, and golfing on 1200 acres of gorgeous scenery. Lighter-than-air adventures are available through the state’s largest hot-air balloon flight firm, Balloons over Georgia.
Forsyth County maintains more than two dozen parks and recreational facilities, including Sawnee Mountain Preserve and its hiking trails, rappelling faces, and rock climbs that culminate at Indian Seats overlook near the 1,946-foot crest.
The Cumming Parks System has several facilities open for league and individual sports as well as instructional activities. Among its offerings are:
- Pickleball
- Basketball
- Baseball
- Aquatics
- Volleyball
- Soccer
- Gymnastics
- Fitness
- Horseback riding
Seasonal organized recreational offerings in the area also include a rodeo, Cumming Country Fair, farmers’ market, and 4th of July Steam Engine Celebration.
Imagine yourself and your family living in Silver City. With this free mortgage calculator, Georgia residents and prospects can explore interest rates and terms to get the home buying process started.
Education, Healthcare, and Economics
Silver City’s education offerings are first-rate. Forsyth County School District, which frequently earns state accolades for excellence, educates more than 55,000 students in 42 schools. Several private and parochial schools expand the K-12 educational options. The University of North Georgia campus in Cumming offers two- and four-year programs in such fields as business management, counseling, computer science, and health information and administration.
Northside Hospital Forsyth is a 407-bed regional hospital with 1,700 physicians and 4,000 employees. Its Women’s Center rivals that of the Women’s Center at its sister hospital at Northside-Atlanta, and it offers acclaimed programs in orthopedics, bariatric care, cardiology, cancer care, and a wide variety of other specialties.
Silver City not only is an excellent place to live but a prime location from which to make a living. Proximity to Atlanta and its northern suburbs is one obvious advantage, but there’s a lot of in-county employment as well. Major employers besides Northside Hospital and local schools include manufacturers of gambling equipment and lottery tickets, chicken-based food products, and machinery for the pulp and paper industry.
USDA Home Loans – Start with This Mortgage Calculator Georgia Buyers Can Use
As with most areas of the country, homebuyers considering the Silver City area can utilize conventional mortgage lenders and federal mortgage programs such as those offered by the U.S. Department of Veteran Affairs and the Federal Housing Administration.
The area is also open for USDA home purchase loans. These loans are issued by many lenders but are guaranteed by the U.S. Department of Agriculture, meaning they usually require no down payment and offer favorable repayment terms. Such loans are only available in specifically defined rural and suburban areas.
The advantages of USDA loans include:
- No down payment, making it easier for buyers without substantial savings to be qualified.
- Lower monthly mortgage payments because of terms more favorable than typical interest rates in Georgia.
- Flexible requirements that may allow individuals with less-than-perfect credit to qualify.
- Income-based eligibility designed to assist low- to moderate-income households in qualifying for a mortgage.
- Low private mortgage insurance. Unlike many loans that require private mortgage insurance to cover the risk of a small or non-existent down payment, USDA loans do not require as high of insurance payments, which spares homebuyers from an additional monthly expense.
- Geographical eligibility. These loans are intended for rural and suburban areas as defined by the USDA.
- Favorable loan terms typically include 30-year mortgages that reduce monthly payments.
- Guaranteed approval. If you meet the eligibility criteria and work with an approved lender, your loan will usually be approved.
Why Buy Now in Silver City?
Silver City is an easy choice for anyone wanting the slower pace of a rural area with convenient access to Atlanta’s big-city amenities. While often still more affordable than similar properties in or near the 285 Perimeter, the strength of the real estate market in Silver City and other parts of Forsyth County also makes this an attractive area to own a home: That 43-percent population growth between 2010 and 2020 places it among the fastest-growing counties in the nation, and the value of residential properties is almost certain to appreciate.
In addition to its educational, recreational, healthcare, and other lifestyle advantages, Silver City and its home county also offer homebuyers a wide variety of property options, from waterfront estates to secluded acreage to custom-built homes with any amenity you can imagine.
How to Apply for a USDA Loan in Silver City
Once you’ve picked a home you might want in Silver City, it only makes sense to see if a low-cost USDA mortgage is available to help you either save money or buy more house than a conventionally generated loan would afford.
Eligibility requirements:
- Rural location. To be eligible for a USDA loan, your prospective property must be in an eligible rural area. You can check the eligibility of any particular address here.
- Household income. Despite its comfortable distance outside the 285 Perimeter, Forsyth County is counted as one of the several North Georgia counties in the Atlanta Metropolitan Statistical Area (MSA). Atlanta MSA homebuyers can still qualify for USDA loan programs with higher income limits than in many smaller MSAs. Check your household income against the limits published here (page 49 of 334).
- U.S. Citizenship or permanent residency.
- Credit score. While no specific minimum credit score is a universal cutoff point, lenders look for a well-managed credit history that typically yields a score of 640 or higher.
- Employment and income stability. Lenders will consider a consistent source of income as important to your ability to repay a home loan.
- Debt-to-income ratio. Although exceptions may be made with sufficient reason, your debt-to-income ratio after taking on a mortgage should typically be no more than 41 to 45 percent.
- Overall repayment ability. Lenders will want evidence of your ability to repay a home loan, taking into account your income, expenses, and other debts.
If you’re looking to buy a home with no down payment in a safe, convenient, and attractive area, the Moreira Team stands ready to help you explore USDA loan options, other federal loan programs, and conventional financing in Silver City. With our free mortgage calculator, Georgia residents can get a head start on the financing process.