USDA Home Loans In North Carolina

This state has grown Soooo much, that when the 2010 Census maps were drawn up, and analyzed, it showed that 21 Communities in NC will lose the opportunity to get mortgage loans approved using the USDA Home Loan Program starting October 1, 2012.

Congress is currently considering the Senate USDA Appropriations bill, S.2375 which includes a grandfathering provision. The provision is for places that have gained population and would otherwise become ineligible for USDA Home Loans. This bill would keep them eligible through the end of September 30, 2013.
Without this “grandfathering” delay – on October 1, 2012, many areas in NC will loose eligibility for USDA Home Loan financing.

The current proposed List includes:
Belmont
Clayton
Eden
Fuquay-Varina
Hendersonville
Holly Springs
Hope Mills
Knightdale
Leland
Lenoir
Mebane
Morganton
Mount Holly
Murraysville
Newton
Piney Green
Reidsville
Smithfield
Summerfield
Tarboro
Wake Forest
The folks in these areas need to be aware of this coming change – because it will likely make it more difficult for some people to purchase homes there! USDA is a 100%, no downpayment program designed for folks who have pretty good credit, good jobs, and want to live in more “rural” areas of NC. I think it’s a great place – but frankly, I’ve never thought of Tarboro, or Belmont (for instance) as huge Metropolitan areas – so I was surprised! (See the Current USDA Eligibility Map for NC)

Here’s the actual report from USDA Single Family Homes. Is this one of those “Good Problems To Have” kinda’ things? For many areas, this is THE mortgage program of choice, and it’s why certain subdivisions in Holly Springs and Wake Forest (for instance) have been so popular!

If you are looking for a USDA Home Loan in North Carolina – call Steve and Eleanor Thorne! 919 649 5058 – we know the USDA Home Loan program requirements, and we can help you get pre-qualified to buy your dream home in NC!

originally posted at NCFHAEXPERT.com

Finding out if a property qualifies for USDA Home Loan financing in NC can be a little tricky.  We have maps that will show you, and here is a Video that shows you how to search an area, or property address to see if it qualifies for this financing.  To qualify for the USDA Rural Development loan program, the home must be within their “footprint.”

The website that is referenced on the video is the USDA Eligibility Site. It’s important to remember that in addition to meeting the requirements as far as where the property is located, you will also need to meet the Income Requirements.

In the Raleigh/Cary a family of 1-4 has an income limit of $89,350 and a family of 5-8 has an income limit of $117,950 in order to qualify for this program. Each County has a different limit.

If you are considering a home purchase in North Carolina, and want to know more about the USDA Home Loan Program – please call Steve Thorne, NC’s USDA Home Loan Specialist at 919-649-5058. We offer the lowest mortgage interest rates, and we know a TON about this program!

When you look at our great State of NC, it’s nice to know that so many counties here qualify for the USDA Rural Development Home Loan – no money down, low monthly payment program! Here’s a map of the state that shows which counties qualify for the USDA RD Mortgage Program!

My daddy always says that we “Get Rural Fast” in North Carolina… one minute you can be neighborhood after neighborhood, and 25 minutes later you are in the country! This works well for those who are looking for a home with no down payment requirements, and a little bit of land!

Every square mile of 73 North Carolina counties qualify for USDA Home Loan financing! Look at the map below – if there’s no star in the county – the whole county qualifies for this financing!

There are five counties that are generally considered part of the “Triangle” in the middle of the state… Wake, Durham, Johnston, Orange, and Chatham.  All of Johnston County and Chatham County qualifies for USDA Mortgage Loans – much of Orange County qualifies, and there are many areas in Durham and Wake county that qualify too!

Qualifying for a USDA Home Loan in North Carolina is fairly easy – most of our lenders require a minimum credit score of 620.

If you are considering a home purchase in North Carolina, and you want more information on the USDA Home Loan program – please call Steve and Eleanor Thorne, 919-649-5058. We are NC USDA Home Loan Experts… and we have THE best Interest Rates!

Good News For folks who are purchasing a home in Johnston County, NC.  USDA Home Loans are not just for buying farms! In fact, we don’t really offer that kind of Rural Development loan!

We DO offer USDA Home Loans… 100%, No Money Down mortgage loans that are insured by the USDA program! (more…)

There’s great news for folks who are looking for a home near UNC Chapel Hill.  The area around the University qualifies for USDA Home Loan Financing, which means you can buy a home with NO Down Payment!  The Credit Requirements are pretty easy (compared to Conventional loans) and the seller can pay your closing costs – so seriously, you could OWN a home near UNC / Chapel Hill with literally no money out of your pocket! (more…)