Some People are Better Savers Than Others
Some borrower’s we talk to have ALWAYS been good savers, and they are drawn to the USDA Rural Development Home Loan program because it allows them to keep their savings (it’s a 100%, NO downpayment required loan!)!
There use to be a rule that said you could not have more than $5000 left in liquid assets after closing to qualify for a USDA Home Loan, thankfully that is no longer the case!
You can even make a downpayment with a USDA Home Loan (and we encourage people who qualify to use the USDA Home Loan program as opposed to FHA because it’s CHEAPER!)!
There’s just one little catch – you can not have more than 20% of the home’s purchase price left over after closing in liquid assets. This means that if you purchased a $100,000 house, you can not have more than $20,000 left over after closing.
If you have questions about purchasing a home in NC using the USDA Rural Development Home Loan, call us for pre-qualification! Steve and Eleanor Thorne, 919-649-5058 – we are USDA Mortgage Loan Experts, and we have the lowest rates!!
About Eleanor
super post!