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usdaUSDA loans are great for people in Wake County!  This 100% loan has some exciting differences to FHA and VA loans.

USDA loans can be used for Manufactured Housing!  Since more than 35% of all housing in North Carolina is manufactured housing, this is a BIG PLUS!

USDA loans have Minimum Credit Requirements and will allow borrowers to use non-traditional credit!

The only "tricky" things to consider about USDA loans is that they have some "quirky" requirements.  In order to qualify for a USDA the property must be in a qualified area, the borrowers must meet the maximum income limits for the area. USDA DOES NOT have a maximum loan limit based on the county the property is located in (like FHA) and base the loan on the amount the borrower can afford to repay. 

Property eligability is determined by dense population - therefore, the City of Raleigh and Cary do not qualify for this program.  Johnston County, Chatham County, most of Fuquay Varina and Holly Springs - Wendell and parts of Wake Forest do qualify.  To find out if YOUR property qualifies click here.

The Income limits are calculated based upon the number of people in your family over the age of 18.  In general Wake County limits for a family of 4 (2 adults and 2 children) is $86,100.  It varies by area and to check your income to see if your family qualifies click here

For more information on USDA loans contact Steve and Eleanor Thorne 919-649-5058

 
This post has been included in North Carolina Real Estate News Wake County, NC Real Estate News
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13 Comments on USDA - The OTHER 100% Loan

MAR
31
2008
 Did not know that there wa still 100% financing available to consumers?
5:23pm • #1
453,374 Points 15 Featured Posts Outside Blog Called Shot Master

Eleanor -

Very interesting!  There are quite a few local areas that are eligible, including Holly Springs, Fuquay-Varina, Willow Spring, and most of Chatham County.   Does the loan have to be for farm land, or can it be for any single family home?
8:22pm • #2
1 Featured Post

My branch has helped a number of people get 100% financing through the USDA mortgage program, check into it, another great option!
9:55pm • #3
APR
01
2008
200,508 Points 27 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Christopher and Penny

There are actually 3 Government Programs that offer 100% financing..

FHA is 100% with a DAP, VA and USDA.

As Rich knows - the property does NOT have to be a farm  -

only needs to be located in a rural / less densely populated area.

So - YES Penny - this is a GREAT program for your houses in Chatam County!

The ONLY kinda' weird thing about USDA homes

is that they really don't like properties with pools (?).
8:23am • #4
I use this quite frequently.  It is one of the best programs out there if the property and client fits the guidelines.
11:09am • #5
688,676 Points 117 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Eleanor,

A USDA loan for manufactured housing?  This old dog is here to learn new tricks.  I'll check it out.  Thanks for the help today!

Mike in Tucson
11:18pm • #6
688,676 Points 117 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Eleanor,

I'm back.  I just checked some of your links, and found that this is the old Farmers Home program.  My very first home (back in the dark ages) was a Farmers Home loan.  The 3 BR / 1 BA home on a lake in NJ came to a grand total of $17,000, including $4,000 for the lot.  I built it new, and had to take a second job to make the $185. per month mortgage payment!

Mike in Tucson
11:22pm • #7
APR
29
2008
This is true... I can even do it in California!!!! YES California as close to 1 hour from downtown LA! WOW. I could not believe it till i saw it!
10:17pm • #8
MAY
01
2008
1 Featured Post
I just looked over the guidelines for Pa. Thanks . I know with the market the way it now we will need to be more aware of loan programs. it is a battle for some to get a loan.
3:08pm • #9
JUN
19
2008

I think a more intesting diiference is thatthey loan 100 % of the appraised value not 100% of the purchase price.
12:55pm • #10
DEC
16
2008
168,863 Points 2 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp

ooooh!!! great link for the property requirements. I love it. I am sending your post to my client. Don't you love it!!??
6:54pm • #11
FEB
11
2010

Is the underwritng done same place else, does it take 45 days to underwrite?
Sebastian Martinez
6:25pm • #12
FEB
12
2010
200,508 Points 27 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Sebastian - as of TODAY - we are getting loans approved in less than 7 days... As we get closer to the end of March, we expect those times to get longer... The Fed should make changes that will cause rates to go up about that time!
2:51pm • #13

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Eleanor Thorne 919-649-5057 Cary Mortgage Loans

Cary, NC

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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

Office Phone: (919) 649-5058

Cell Phone: (919) 649-5057

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