USDA Rural Development Guaranteed Loans are available for low to middle income owner occupant borrowers. It is a 100% loan to value program... that's right there are still a few NO MONEY DOWN programs available. This loan also has NO PMI!
Although eligibility for this loan program is usually limited to the more rural areas of each county... ALL locations in Iredell County North Carolina are eligible for the USDA Rural Development loan program EXCEPT for the city limits of Statesville! This means that even homes located within the city limits of Mooresville NC are eligible for this 100% - NO MONEY DOWN - NO PMI Loan.
The USDA also has a Direct Loan Program (Section 502) that subsidizes mortgage payments for low and very low income buyers, usually below 80% of the median income in the county where the home they purchase is located. This is also a 100% financing (NO DOWNPAYMENT), no PMI (Private Mortgage Insurance) loan... with the extra added benefit of government subsidized payments. The amount of the subsidy is based on the borrower's income, property location, and number of household members.
I'm very knowledgable about both types of USDA Rural Development loan programs and have the experience it will take to make it happen for you.
If you have any questions about these programs and wonder if they may be right for you, CONTACT ME ANYTIME!
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