USDA Home Loans in NC Are Affordable!

By
Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

NC Gets Rural FAST!In North Carolina, we get RURAL in a hurry!  I mean you can be in an area where you hear Roosters when you wake up, and only have to drive about 25 minutes to your job at the Research Triangle Park!  One of the programs that folks in this area are interested in, because it IS available - is the USDA Home Loan that's been specifically designed for those who want to live in a more Rural Area... like Holly Springs, or Wake Forest!

To qualify for the mortgage loan, the home must be inside the "Foot Print" that the USDA Home Loan Program lays out - generally not in a densely populated area like Raleigh or Cary.  All of Franklin County, Johnston County and Harnett County qualify - and there are substantial areas in the Wake, Orange and Durham county areas that qualify too.  If you know an address for a property you are interested in, you can find out if it qualifies by clicking here.

You also need to have "decent" credit, and meet their Maximum Income Limits.  The Maximum Income Limits vary by County.  But for the MOST part, in the Wake/Johnston County area a family of 1-4 people the maximum income is $88,400.  In Durham County, the maximum income for the family is $82,000.

The most important part of a USDA Mortgage Loan is that it is CHEAPER on a monthly basis, and cheaper in down payment than most any other type of mortgage program available!  FHA loans now require 3.5% down payment, and Conventional Loans require 5% down.  Both of these programs have a Monthly "PMI" that is required each month that can add a minimum of $82 to a $150,000 loan!  Va Loans (available to Veterans) are great - but they have their own form of "PMI" that can be as much as 3% of the loan!

USDA Home Loans are 100% mortgage loans, no downpayment, and they have no monthly "PMI."  The overall cost of the "default insurance" or "PMI" or "Guarantee Fee" is a complicated calculation - but equals right at 3.5%.  Even though this is up from the 2% they charged prior to 5.27.2010 - it's still a GREAT loan!

If you have questions about a USDA Home Loan, please call Steve and Eleanor Thorne, Professional Mortgage Planners, 919-649-5058

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Topic:
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North Carolina
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North Carolina Real Estate
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Tags:
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Rainmaker
575,553
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

It is a wonderful product for people that want to live in a rural environment.

Mar 01, 2010 01:32 PM #1
Rainmaker
716,358
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

I didn't realize how close areas like the research triangle were to rural life...you learn something new all the time! 

Mar 01, 2010 07:43 PM #2
Ambassador
272,783
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

Ruthmarie - I spent the night at a friend's house in Johnston County - and woke up hearing ROOSTERS!

Mar 02, 2010 03:46 AM #3
Ambassador
272,783
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

Bonnie - it is for rural areas - but it does NOT have to be a farm

Mar 02, 2010 03:47 AM #4
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517,389
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

Eleanor - you are THE EXPERT on USDA loans.  Thanks for educating the rest of us!

Mar 03, 2010 03:49 AM #5
Rainer
332,763
David O'Doherty
Raleigh Realty Inc - Clayton, NC
Clayton NC Homes, Raleigh, NC

I was out this morning at 6 and heard an Owl, and a READY FOR THIS..........a Peacock!!

It's true there is a lady who has a couple of peacocks ( saw them strolling past our kitchen window one day)

donkeys, horses, chickens, etc.

We may be a little bit country but we can be at The North Hills Mall in 30 mins.

Mar 18, 2010 11:06 PM #6
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Eleanor Thorne

Equity Resources 919-649-5058
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