There are MANY No Money Down Home Loan Options available to buyers in North Carolina. This No Money Down Home Loan information is accurate as of today. If you get No Money Down Home Loan Information somewhere else, it may be inaccurate or out-of-date.
What ARE the No Money Down Home Loan Programs?
The No Money Down Home Loans are special mortgage products, reserved for prospective homeowners who qualify based upon some income, job and asset requirements. Home Buyers who would otherwise qualify for a conventional mortgages via Fannie Mae or Freddie can’t use some of these programs. No Money Down Home Loans are the cheapest, simplest way for NC Home Buyers to finance their new mortgages.
The No Money Down Home Loans have a common defining characteristic, in that you can not exceed the common “Median Income” for the area you are interested in. The programs do require home appraisals, and in some cases the property must “fit” within the No Money Down Home Loan Program footprint.
The No Money Down Home Loan Programs we offer are NOT limited to First Time Home Buyers, however, for some of the programs you can not currently own a home, and for other mortgages there are restrictions based upon how recently you owned a home.
No Money Down Home Loan Programs : USDA Requirements
Another big plus is for No Money Down Home Loan Programs is that they are fairly easy for which to qualify for!
USDA No Money Down Home Loans:
USDA offers No Money Down Home Loans in every county in NC. The USDA Home Loan Requirements are pretty basic and include the following:
- If you currently own a home, you will need to have proof that you can not commute due to a job change. If you are going to rent out your current residence, you will need enough income to qualify for both payments without counting rental income (if it has not been previously rented) If there is at least a 12 months of history of collecting rent for the property, this No Money Down Home Loan program will allow you to count the income to qualify.
- The home must be located within the USDA Home Loan footprint (Every County in NC currently has areas that qualify, although this could change as of October 1, 2013).
- Each borrower needs at least 2 credit scores of at least 640. There are exceptions, and if you qualify for a NC Housing Finance Agency loan, you might qualify with scores as low as 620. In general, the underwriters for USDA Home Loans in NC are looking for 12 months of Clean Credit.
- You must be under the Maximum Income Requirements for the County you are purchasing a home in to qualify for this No Money Down Home Loan Program.
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