Usda | NC FHA Expert

North Carolina USDA Mortgage Loans Updated 2/2012

September 9, 2008 By Eleanor 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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Filed Under: First Time Home Buyer, USDA Home Loans Tagged With: first time home buyer, first time home buyers, first time homebuyers, home loans, johnston county homes, rural areas, rural housing, tax credit, usda, usda home loan, usda home loans, usda mortgage loan, USDA Mortgage Loans, USDA Wake County

USDA Western Wake County

September 8, 2008 By Eleanor 6 Comments

We found this VERY cool map that shows exactly where you can purchase a home in Western Wake County using the 100% USDA program! As you can see, if you are on the “left side” of Ten Ten, in Holly Springs, or Fuquay – or parts of Apex, you qualify for this 100% program!

The “mortgage insurance” for USDA is considered a “funding fee” and is 2%. So if you purchased this home that’s currently for sale at $136900 – you would have your P&I calculated on $139,638. TODAY (and depending on when you’re reading all of this the house and the rates might be different) the P&I (principal and interest payment) for a 100%, no money down loan on this house, with no origination fee would be…

$860.00

Can you believe that?? All the bad news on the airwaves, and you can buy this GREAT home at that price per month! WOW!

If you need more information about qualifying for a USDA home loan, or buying a home in Western Wake County, please call Steve and Eleanor Thorne, NC Mortgage Lender, 919-649-5058

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Filed Under: First Time Home Buyer, USDA Home Loans Tagged With: home, nc, usda, USDA mortgages, USDA properties, USDA Wake County, wake

USDA More Than a Brand on Meat

March 18, 2008 By Eleanor 7 Comments

mobile homes 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 Connect With Us on Facebook.