USDA - The OTHER 100% Loan

By
Mortgage and Lending with Equity Resources

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

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Rainer
70,373
Christopher Maguire
President/CEO Of Vivid Funding. - Newburyport, MA
Did not know that there wa still 100% financing available to consumers?
Mar 31, 2008 10:23 AM #1
Ambassador
514,550
Stanton Homes
Stanton Homes - New Home Builder, with thousands of floor plans and almost unlimited customization available! - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

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?

Mar 31, 2008 01:22 PM #2
Rainmaker
120,851
Richard Sweum
1st Security Bank - Everett, WA

My branch has helped a number of people get 100% financing through the USDA mortgage program, check into it, another great option!

Mar 31, 2008 02:55 PM #3
Ambassador
244,652
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

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 (?).

Apr 01, 2008 01:23 AM #4
Rainer
58,173
Don Draughn - Mortgage Professional
High Point, NC
I use this quite frequently.  It is one of the best programs out there if the property and client fits the guidelines.
Apr 01, 2008 04:09 AM #5
Ambassador
740,494
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

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

Apr 01, 2008 04:18 PM #6
Ambassador
740,494
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

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

Apr 01, 2008 04:22 PM #7
Rainer
668
Mark Lorico
Entree Mortgage - Cerritos, CA
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!
Apr 29, 2008 03:17 PM #8
Rainmaker
93,989
Sharon Harris
Keller Williams Keystone Realty - Hanover, PA
Realtor
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.
May 01, 2008 08:08 AM #9
Rainer
26,964
Laura Moore Godek
Laura Moore Godek, PC - McHenry, IL

I think a more intesting diiference is thatthey loan 100 % of the appraised value not 100% of the purchase price.

Jun 19, 2008 05:55 AM #10
Rainmaker
212,895
Sandy McAlpine
RE/MAX EXECUTIVE - Cornelius, NC
Search Lake Norman Homes For Sale - Lake Norman NC

ooooh!!! great link for the property requirements. I love it. I am sending your post to my client. Don't you love it!!??

Dec 16, 2008 10:54 AM #11
Anonymous
Sebastian Martinez

Is the underwritng done same place else, does it take 45 days to underwrite?

Feb 11, 2010 10:25 AM #12
Ambassador
244,652
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

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!

Feb 12, 2010 06:51 AM #13
Anonymous
Michelle

I was wondering what the timeframe is now for a USDA loan once it is in processing.  I am in Iredell County.

Jun 17, 2013 05:31 AM #14
Ambassador
244,652
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

Michelle!  I'm so sorry I didn't see this!  Right now USDA is on 2 week turn times.

Jun 28, 2013 06:04 AM #15
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Eleanor Thorne

Equity Resources 919-649-5058
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