Durham County USDA Financing Tips!

January 26, 2009 By Leave a Comment

Part of Durham County, NC qualifies for USDA mortgages – and the qualifying guidelines have recently changed!

To see maps specific to where you can find a home that qualifies for this 100% financing in Durham, click here

The maximum income is calculated per family members living at home.  The current guidelines are:

  • 1 person in household maximum income is $57,400

  • 2 people in household maximum income is $65,600

  • 3 people in the household maximum income is $73,800

  • 4 people in the household maximum income is $82,000

  • 5 people in the household maximum income is $88,550

In addition to this – the property need to be located in a qualified (less densly populated area).  If you want to see if your property is qualified for a USDA 100% home loan – click here! If you have quesitons about purchasing a home using a USDA Mortgage – please call Steve and Eleanor Thorne at Connect With Us on Facebook, 919-649-5058

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100% Mortgage Loans in Chapel Hill?

January 26, 2009 By Leave a Comment

I was very surprised by just how much of Orange County, NC qualifies for USDA Mortage Loans!  Pleasantly Surprised!

Granted, downtown Carrboro and Chapel Hill do not qualify – but MOST of the county does! To find out if your specific property qualifies, click here!

USDA Home Loans in OC, North Carolina

The parts in the “shaded” areas do not qualify for USDA loans, however, all of the rest does!  The maximum income amounts for Orange County are lower than Wake County!

  • 1- 4 people in household maximum income is $82,000

  • 5 or more people in the household maximum income is $88,550

If you have questions about qualifying for a USDA Home Loan in Orange County, NC - please call Steve and Eleanor Thorne, Connect With Us on Facebook, 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 $91,850
5 person or higher, the limit is $121,250

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 RCBNA, 919-649-5058. We’re EXCITED!  It’s truly a great time to purchase a home in the Triangle!

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Looking for a Home – When Do I Apply?

October 13, 2008 By 2 Comments

This is a question that was posted recently on Trulia Voices…

“Looking for a Home in the Triangle.  I think I’ll be ready to purchase in March of 2009.  When should I apply for a mortgage???”

People who are considering a move to the Triangle need to plan for their home purchase.  If you will be in the market to purchase in 2009 – you should speak with a NC lender as soon as possible.  Why?

We have our own set of unique qualifying guidelines in NC – mandated by the State Legislature.  While we are a “brick and morter” state (meaning if you are a mortgage company doing business in NC you should have an office here and not just be “virtual”), there are always those with fancy footwork trying to figure out a way around the system.  Better to be safe than sorry – and find a “local” to work with.

In some cases, our State Legislature defines how much a lender can contribute toward closing costs, they also dictate WHICH KIND of loan programs are available to consumers.  So again, think local.

But the MAIN REASON you should speak with a lender even six or eight months before you purchase is this:

With the “mortgage MESS” of the last year, credit scores have become one of the MOST IMPORTANT parts to a loan approval… ESPECIALLY in North Carolina.  Because our programs are limited, we rely even more heavily on high credit scores to qualify buyers, and get the best interest rate.  If you have a “good” score of 640 – we could get your FICO score up to 720 if we had 6 to 8 months! This change in your score could mean the difference of over $75 a month in your payment!

Let’s see… $75 a month savings, live in a house for 4 years, that’s a MINIMUM SAVINGS of $3600!  Just for speaking with a loan officer EARLIER in the process!  So if you are considering a purchase, call now!

Steve and Eleanor Thorne, Connect With Us on Facebook, 919-649-5058

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North Carolina USDA Mortgage Loans Updated 2/2012

September 9, 2008 By 8 Comments

In NC, we have some big cities… but we get rural fast!  I can’t tell you how many people, dispite the cost of gas, who say, “I’m just lookin’ for some land!” or “I can’t stand those little ‘Barbie Doll’ houses sitting right next to each other!”

Well, if you’re looking to buy a rural home, we can help you learn about the benefits and features of purchasing a home by using the USDA Guaranteed Rural Home Loan.

But if you’re looking to finance a horse farm, you might want to read this first!

The USDA Guaranteed Rural Home Loan program was created to help low to moderate income families buy homes in designated rural areas with 100% financing.  It really provides people with the most cost efficient way to finance a home

Beginning in 2012, USDA charges an Upfront Mortgage Insurance / PMI / Guarantee fee, and an Annual Insurance Fee that is collected Monthly.  The new upfront fee (it’s their form of mortgage insurance) is 2%, and this can be added to the loan amount, or paid by someone else.   So if you are borrowing $100,000 you will have your principal and interest payment calculated at $102,000.  In addition to that, there’s an annual Insurance fee of .3% which is collected monthly.  We can give you some more information about the new USDA PMI Charges here.

There are income limits, and in Wake County a family of four can not make more than $91,850.

The loans are designed for RURAL AREAS… but all of Johnston County, Chatham County and much of the Western Wake County area are open to the Program.

To See Homes That Qualify For this 100% Financing click here!

If you have questions about purchasing a home with USDA in NC, please call Steve and Eleanor Thorne, NC Mortgage Banker at 919-649-5058

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