USDA Maps To Buy Homes in Holly Springs NC

Here’s a map from USDA showing where you can have a 100% loan, and where you can’t use USDA financing.  The shaded area in the top right portion of the map does NOT qualify… the rest of it definately does!

This is great news for folks who are looking for homes with very low PMI, and rates that are every bit as low as FHA!  The maximum income in Wake County for a one to four member household /family is $91,850.  For households with five people or higher, the limit is $121,250

These are fairly straightforward loans, they allow for gifts to cover closing costs, or the seller can pay them.

The buyer can not CURRENTLY own a home that is within commuting distance of the new property.  So if you owned a home in Ohio, for instance, that would not sell right now, and you rent that property, and move here – YOU CAN GET 100% FINANCING!

To find out more about qualifying for a USDA Home Loan, please click here!

If this is your first home, or you have not owned a home in the last 3 years, you might also qualify for the Government’s $8000 grant!  For more information on NC Housing Grant Program, click here!

We would love to answer any questions you might have about mortgages in Holly Springs!  Mortgage rates are low, and now is the time to buy!  Remember, this part of NC might LOSE the USDA Home Loan program in March of 2013! Have questions?  Call Steve and Eleanor Thorne, 919 649 5058

Originally Posted at NCFHAExpert.com

USDA Home Loan Map Changes Delayed Until 2013

USDA Rural Development Single Family Housing announced late yesterday that they are going to delay implementing any map changes until late March, 2013.

This is GREAT NEWS for folks who are interested in purchasing a home in one of the 40 plus areas of North Carolina that could lose the ability to qualify for USDA Home Loan Financing.

USDA No Money Down Loans really have two parts to the qualifying process.  The property must be within the USDA Loan “Footprint,” and the household income can not be more than the limits for that County.

In an effort to update the USDA “Boundaries” (footprint) to match the new census data, over 20 communities in North Carolina grewto the point that they no longer meet the current definition of Rural.  In addition to that, some areas might be “re-classified” making almost one third of North Carolina ineligible for USDA Home Loans.

USDA Loan requirements are fairly straight forward.  Credit scores need to be above 600 (in some cases you will need a 640), you must meet the Income Requirements for your area, and if you have Student Loans, you need to know how USDA underwriters will treat the type of Student Loan you havein calculating your ratios.

If you are considering a new home purchase in North Carolina, please call Steve and Eleanor Thorne 919 649 5057.  We do tons of USDA Home Loans in NC, and we’d love to help you before these changes go into place!

Originally Posted at NCFHAExpert.com