It's Not Just For Cows Anymore
Written by Cassie Hansley, Realtor® with Wilkinson And Associates in Lincolnton.
With the downturn in the mortgage industry, many old, familiar loan programs are dusting off the cobwebs and coming out to play. The biggest player is obviously the FHA loan product and with the media and congress spending so much time hyping these loans for refinances, other programs get overlooked.
While the FHA loan is great for many borrowers, there is still another program that is even better for middle income families in rural areas that are looking to purchase a home. It's the USDA Guaranteed Rural Development loan. The biggest misconception of this program is that most people think it's just for farmers and their livestock. But, years ago, the USDA started allowing the use of this money to be borrowed for the purchase of single family homes.
Who qualifies? There are several qualifications that must be met. First, the home must be located in an area that USDA has deemed rural which in North Carolina almost 85% of the state is rural. You can determine yourself by visiting http://eligibility.sc.egov.usda.gov/. Just type in an address and it will automatically tell you if the home qualifies. The second qualification can be found on the same page. There is an income limitation you must not go over, depending upon the size of your family. It's very reasonable, you should check it out.
The benefits to this loan program are numerous as well. It is a true 100% loan with no money down (except earnest money for the sales contract) and there is no mortgage insurance. One of the great things about this loan is that you can finance in all of the closing costs as well as any repairs that need to be made on top of the purchase price.
It's a great program and one that many prospective home buyers in this area can take advantage of. If you have any questions about this program or you would like to see if you qualify, contact me by email at cassiehansley@yahoo.com
Looking to Buy In Lincolnton, North Carolina???
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If you have any questions about the process or where to get started, please feel free to contact me ANYTIME at 828-234-3106.
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If you want to find out how you can buy a home in Lincolnton, Lincoln, Catawba, Iredell, Gaston, and Mecklenburg Counties, Please feel free to get in contact with me at 828-234-3106 ANYTIME or you can email me at cassiehansley@yahoo.com.
If you would like to start your search NOW, please visit http://www.lincolntonhomefinder.com/ to begin looking for YOUR HOME. I look forward to hearing from you and discussing your situation and what you are looking for.
Lincolnton, NC, Lincoln, Gaston, Catawba, Cleveland, Iredell, & Mecklenburg County!!
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