USDA home loan program - Did you know that hundreds of Charlotte homes for sale qualify for the USDA's rural loan program that offers 100% financing? But wait a second, Charlotte is not a rural area. Actually, there are two areas in Charlotte where qualifying home buyers can purchase a home with the USDA home loan program. Those areas are located in zip code 28214 and 28215, West and East of Charlotte. Click any of the following links to view Charlotte homes for sale in zip code 28214 and Charlotte homes for sale in zip code 28215.
OK, so you can use this program in Charlotte - but what are the benefits? For most home buyers, the biggest obstacle to home ownership is coming up with the upfront costs of home ownership, i.e, down payment and closing costs. The USDA loan program allows home buyers to purchase a home in qualifying areas with no-money down. This program is the only remaining true 100% financing loan. There is no private mortgage insurance (PMI) and it is based on a 30-year fixed rate USDA loan at the market interest rate.
In order to qualify for the USDA loan program in Charlotte, you will need to meet the following criteria:
- You cannot own another home
- Your gross yearly household income cannot exceed $77,650 for a family with up to four family members, and $102,500 for a family with up to eight family members.
- You must be able to qualify for a loan through an approved lender.
The USDA loan program is available in other areas in Gaston, Union, Iredell, Cabarrus and Stanly counties.
If you want to own a home in Charlotte or surrounding areas, but do not have enough money saved for the upfront costs of home ownership, you should consider using the USDA loan program.
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