USDA More Than a Brand on Meat

Are you looking for a mobile home? It can be difficult to get a mortgage loan for a mobile home – but there are still some programs out there.  FHA and USDA loans are excellent choices – and they are 100% loan programs!

USDA Home Loans were once called Rural Economic Development – and prior to THAT it was called Farmer’s Home – but it’s all the same thing.  The loan is designed for folks living in a more rural setting.  There are TONS of places in North Carolina, and near metropolitan areas like Raleigh and Charlotte that qualify for this program.

Here are the basic guidelines:

It is their Guaranteed Rural Housing program.

1.  Must have a minimum 620 mid FICO

2.  Must be within income guidelines for the county in which the subject property is located (These tend to be significantly higher that the HUD median income limits).

3.  Subject property must be within an eligible area.

4.  Ratios cannot exceed 29/41 ( although with clean credit they will issue a ratio waiver ).

5.  If there is a Bankruptcy, it can be discharged as recently as yesterday.

If these 5 guidelines are met then the loan is guaranteed approval.  Any collections that may appear on the credit report do not have to be paid off.  The bank does have to go through regular underwriting to verify funds, value, etc. but what I like the most is it is GUARANTEED to be approved if the above 5 guidelines are met.

Click here to see if your property would qualify for one of these loans!

If you are interested in a USDA Home LOAN, Contact the NC USDA EXPERTS,  Steve and Eleanor Thorne 649-5058 First Financial Services.

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