Benefits of USDA Home Loans in Johnston County and Wake County, NC

November 19, 2009 by Leave a Comment

USDA Home Loans are not just for buying farms! In fact, we don’t really offer that kind of Rural Development loan!

We DO offer USDA Home Loans… 100%, No Money Down mortgage loans that are insured by the USDA program!

These loans have less insurance than FHA loans, so they are cheaper all the way around… but there are some catches!

The property has to fall within the USDA Home Loan “footprint.”  All of Johnston County and Harnett County qualifies for this program… MUCH of the area around Apex, Holly Springs, Fuquay and Garner also qualifes!  Generally speaking, the area on the Harnett County side of 1010 does qualify, and the property towards Cary doesn’t.  We’ve posted several maps, and you can click on them here.

You also have to be under the Maximum Income for your family size – for those requirements, click here.

We close dozens of these loans each month in Wake and Johnston County (and Durham and Chatham and Harnett…) and we KNOW hwo they work!  Please call Steve and Eleanor Thorne to get pre-qualified for a USDA Home Loan!  919-649-5058

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Maximum Income Requirements USDA in Wake County NC

January 25, 2009 by Leave a Comment

The Raleigh / Cary markets are considered an MSA (Major Suburban Area??) by the Government.  So, in Wake County that’s how you will find the maximum income limits specified for Wake County. These numbers changed at the beginning of the year, and the new income limits (which are based upon the number of people in your household) are as follows:

1 to 4 person family $86,100
5 person or higher, the limit is $93,000

If you like the idea of using a USDA Home Loan to purchase a home in Wake County, and you meet the income requirements… then you also need to consider the property location.  If you are considering a property in Apex, look at this map.  If you are looking in Holly Springs, look at this line along Ten Ten – and if you are thinking about Wake Forest, check out the map here.  If you have a specific address you want to check and see if it qualifies, you can always click here!

Remember, USDA Home Loans are 100% loans with no PMI! The Wall Street Journal says, “Created in 1991 as a way to boost homeownership in rural areas, the program is being tapped by home buyers in overbuilt exurbs who are attracted to the no-money-down terms.”  (Click Here to see their interview with our client!)

For questions about purchasing a home using USDA – please call Steve and Eleanor Thorne at Corporate Investors Mortgage Group, 919-649-5058. We’re EXCITED!  It’s truly a great time to purchase a home in the Triangle!

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USDA More Than a Brand on Meat

March 18, 2008 by 7 Comments

mobile homesAre 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 Corporate Investors Mortgage Group.

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