INCOME AND RATIOS

• 29/41 – exceptions encouraged with compensating factors and RD concurrence
• Include all installment debt greater than 6 months
• Primary Income must have Two-year history
• Self Employed - Two-years 1040s and P&L
• Alimony/child support - 12-month history, with proof of 3 years continuance
• Part-time, Over-time & Bonus - 12-month history
• Disability benefits - Benefits letter , 3 years continuance and gross up 125%
• SSI benefits - Awards letter or 2 months bank stmts, 3 years continuance and gross up 125%
• Salary increases with 60 days of the first payment due date are acceptable
• Use RD Moderate Income Limits http://eligibility.sc.egov.usda.gov/

CREDIT

• No minimum credit scores
• 1 X 30 permitted in last 12 months with explanations – Exceptions may be granted if your borrowers have 620 or greater middle credit scores
• Chapter 7 and 13 must be discharged for 3 years – Foreclosures must be completed 3 years ago – Exceptions may be granted if your borrowers have 620 or greater middle credit scores
• Collections - Accounts cannot have been placed in collection status within the last 12-months – Exceptions may be granted if your borrowers have 620 or greater middle credit scores
• Judgements - Must be paid off for at least 12 months – Exceptions may be granted if your borrowers have 620 or greater middle credit scores
• If the applicant’s middle credit score is under 620 a VOR is required for the most recent 12 months.
• Previous Housing History is Not required
• Non-Traditional Credit is Acceptable if no credit is available
• RMCR or Tri-Bureau merged
• Case by case basis or when required by RD

FUNDS FOR CLOSING

• All closing costs may be financed, except discount points unless borrower is below the RD low income limit, then discount points may be financed
• All closing costs and prepaids may be paid by seller concessions
• 100% gifting acceptable from disinterested third party
• No minimum cash contribution from borrowers
• Borrowing of unsecured funds allowed with 660 credit score

PROPERTY REQUIREMENTS

• Property must be located in a RD eligible area http://eligibility.sc.egov.usda.gov
• Borrowers must not own adequate housing.
• Primary residence only
• Single family or RD eligible condo/PUD
• Manufactured homes must be new and RD approved
• No in-ground swimming pools (above ground permitted)
• Thermal insulation certifications required
• State specific adequacy certification or HUD-VC sheet required on all existing dwellings
• Termite Inspection - all areas as required by RD
• Well/Septic Inspections - 100% required
• Repairs - 100% of repairs may be financed based on as-improved value. If work is not complete prior to closing an escrow hold back may be established at 150% of repair cost. (more rules apply, please contact your AE for more details)

APPLY ON LINE TODAY

Customers first

If you are looking for a mortgage loan in the Charlotte area of North Carolina call us Now or Apply On Line. As a Local Charlotte, NC broker we treat all of our borrowers with the utmost respect. Our Local Charlotte Mortgage Borrowers who are happy with the mortgage loan we helped them get are more important to us than anything else. Whether you are Purchasing and need a 100% First Time Home Buyer Mortgage or Refinancing for Debt Consolidation, Home Improvement or just to lower your payment our goal is to make the loan process as simple and worry-free as possible. We even offer the USDA Rural Housing Mortgage Program. We pride ourselves in offering the Residents of Charlotte, North Carolina the highest level of customer service, and appreciate the opportunity to earn your mortgage business. Whether you want to refinance for a lower mortgage rate, get a new home mortgage, home equity loan or second mortgage, our purpose is to satisfy your needs. By putting you first, we assure you a pleasurable transaction.

At our website you can find tools available to answer virtually any mortgage question. Trying to decide if now is a good time to refinance? Check out our Refinance Mortgage Calculator. Wondering if a new home equity loan or second mortgage can lower your monthly payments? Use our Debt Consolidation Mortgage Calculator! Confused by all the loan programs from which to choose? Our Loan Program page will help you find the right type of loan for you. Also, we'll be happy to prepare a personalized mortgage quote for the home mortgage program of your choice. Whether you are located in Charlotte, Concord, Cary, Harrisburg, Mooresville, Wake Forest, Huntersville or any other city in North Carolina we are here to help you obtain your conforming mortgage, FHA mortgage, VA mortgage, USDA Mortgage or Subprime mortgage loan purchase or refinance at the best rate possible. Do not forget to check out our many First Time Home Buyer Programs if you are a First Time Home Buyer. Home loans is what we do best at low competitive rates. Call now and speak to a North Cartolina Mortgage Company Representative today!

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