High Point North Carolina USDA Loans

May 8, 2013 by 2 Comments

USDA Loans in High Point NCUSDA Home Loans in High Point, NC 27265 do not have a maximum loan amount – however, the property must be located within the USDA “Eligibility” area.  Most of the city is located in Guilford County, with portions spilling into neighboring Randolph, Davidson, and Forsyth counties. High Point is North Carolina’s only city that extends into four counties.

Below you will see 2013 “current” USDA Maps.  Below that we show you the changes scheduled for the USDA Home Loan NC Program at the end of September.  The “faint pink” parts on the map do NOT qualify for USDA Home Loans in NC.  All of the OTHER areas, however, DO qualify for the USDA RD Loan program in High Point NC.

USDA Loan Highlights:

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USDA Loans in Rocky Mount NC

December 17, 2012 by Leave a Comment

rocky mount ncUSDA Home Loans in Rocky Mount, NC  do not have a maximum loan amount – however, the property must be located within the USDA “Eligibility” area.  Here are maps of the Nash County area, remember that the “faint pink” parts on the map do NOT qualify for USDA Loans.  All of the OTHER areas, however, DO qualify for the USDA RD Loan program.

USDA Loan Highlights:

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USDA Loans Near Greensboro NC

December 12, 2012 by Leave a Comment

usda maps greensboro ncUSDA Home Loans in Greensboro, NC 27408 do not have a maximum loan amount – however, the property must be located within the USDA “Eligibility” area.

Here are maps of the Guilford County area, remember that the “faint pink” parts on the map do NOT qualify for USDA Loans.  All of the OTHER areas, however, DO qualify for the USDA RD Loan program.

USDA Loan Highlights:

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USDA Rural Map Change Delayed

September 25, 2012 by Leave a Comment

reading the bibleWell, 25  ga-billion calls to Washington and NC USDA underwriting offices later asking about the USDA RD Map Changes, and we finally have an answer!

The delay was “officially” announced yesterday by the USDA Rural Development Single Family Housing Division – saying that unless they change their minds (which could happen – depending on what Congress does about the New definition of Rural) the 2010 Census maps changes will take place September 30, 2013

Here’s what we found as a notice by the Tennessee Office of the USDA regarding upcoming Map changes.

NOTICE: Rural Eligibility Requirements

At this time there is no change to program eligibility maps for USDA Rural Development loans, loan-guarantees and grants.

USDA Rural Development provides services targeted specifically to rural communities. The term rural is defined by law and varies by program based on a number of considerations, such as the program likely economic impact on rural communities and the availability of commercial or other alternative funding options.

By law, every decade the definition of rural is reassessed based on data from the latest US census. USDA will provide guidance concerning the impact of the latest census on eligible areas very quickly after Congress completes pending legislation that reauthorizes specific USDA Rural Development programs.

Until then, please continue to use the same Property Eligibility Maps for business location, housing or water & waste treatment programs… Seen Here [Read more...]

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New Definition of Rural by USDA

September 17, 2012 by Leave a Comment

USDA RD Program changesThe House of Representatives are considering a bill that will “renew” the Farm Bill.  Unlike the Senate bill to fund the USDA – the House version does NOT tackle the question of USDA Home Loans and the new “definition” of Rural.  That’s unfortunate.  The Real Estate “Housing” recovery is not in high gear – and this program change could cause further HARM to home sales in NC.

The USDA RD Program is at a critical point – with mixed signals about it’s future.  There are over 500 communities that grew between the 2000 and 2010 census that could be determined as ineligible for the program.  That’s about 9.1 million people or approximately 8% of the population that currently lives in an eligibile area – these folks would no longer have access to the program.

One study notes that:

Approximately 90 percent of these potentially ineligible places are located in metropolitan areas, where towns must have populations below 10,000 to be eligible. Not surprisingly, while they are scattered around the country, clusters of these growing exurbs are particularly noticeable in metros in California, Florida, and Arizona. Rural housing producers have invested time and money in planning developments in some of these places, and we can safely assume that many of them need more affordable housing.

At the base of the issue we find that no one in Congress seems willing to tackle legislation that would raise the population thresholds for all rural housing eligibility determinations – this close to an election.  Because of that, and the fact that population limits for USDA’s rural housing programs are not the same as they are for its business or utilities programs, it’s not surprising that the General Accounting office in Washington suggests that there needs to be a more “consistent” definition of Rural.  Again, we question the TIMING of the change to the program, given the Economic “recovery” that the Fed says is so fragile. [Read more...]

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NC USDA Home Loan Director Says Maps Change

August 16, 2012 by Leave a Comment

USDA no money down home loan We reported earlier that there are some SIGNIFICANT changes in the “definition” of Rural in North Carolina by the USDA Rural Housing Department.  With the passing of the Senate USDA Appropriations bill, S.2375 – it appeared that the decision to change the maps was “Grandfathered” until June 1, 2013. 

According to our conversation this morning with Barbara Beard-Hinton’s Office (she’s the Acting Director for USDA Rural Housing Service, Single Family Housing in North Carolina) they currently have a date of September 30, 2013 for the Maps to Change with the 2010 Census Data.

THIS IS A HUGE ISSUE IN NORTH CAROLINA!  We have 21 communities that will be affected by this change to the Maps.  Meaning you will no longer be able to use USDA No Money Down Financing in these areas when the maps change.

If you are considering a purchase in one of these communities, we strongly suggest that you be under contract by the end of January, 2013.  Why the rush?  USDA Loans are underwritten by our Bank, and then sent to the USDA office for them to underwrite again.  As we get closer to the September deadline – the underwriting times (which currently average 3 weeks) will likely take LONGER.

I would encourage ANYONE writing a contract in one of the affected areas to CALL US prior to entering into an agreement:

  • Belmont

  • Clayton

  • Eden

  • Fuquay-Varina

  • Hendersonville

  • Holly Springs

  • Hope Mills

  • Knightdale

  • Leland

  • Lenoir

  • Mebane

  • Morganton

  • Mount Holly

  • Murraysville

  • Newton

  • Piney Green

  • Reidsville

  • Smithfield

  • Summerfield

  • Tarboro

  • Wake Forest

We do a TON of USDA Home Loans in North Carolina.  As soon as a decision is made – we’ll update everyone.  Here’s a Link to the OFFICIAL Rural Indicators Information directly from USDA.  We believe that these markets will be adversely affected as fewer people are able to purchase using the No Money Down Home Loan option.  (Here’s the previous announcement!)

Please call Steve and Eleanor Thorne 919 649 5058, NC’s USDA Home Loan Experts.  Connect with us on Google+ or follow Steve on Twitter!

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USDA Home Loans Near Greenville NC Pitt County

September 21, 2010 by Leave a Comment

USDA home Loans Greenville NCUSDA Home Loans are 100%, no money down loans available for “less urban / more rural areas.”  North Carolina has more areas available for this financing than most states. Pitt County, and the area around ECU, and Greenville has a TON of the county that qualifies for this great program.

The property must be located in the USDA “footprint” (so in the lighter shaded area), and the borrower’s household income can not exceed $74,750.  This income limit for a household of 1-4 people varies from county to county.  To see what the requirements are for other areas in NC, click here.

USDA Loan Highlights:

Here is a map of the Current areas that qualify for USDA Home Loan financing in Pitt County NC.  The Bottom maps show what we expect to see the Maps change to as of October 1, 2013.  This change will likely cause delays for USDA Loans in Greenville NC – so apply EARLY! [Read more...]

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