USDA Home Loans

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 Belmont, NC

May 7, 2013 by Leave a Comment

Belmont NC USDA LoansUSDA Home Loans in Belmont, NC 28012 do not have a maximum loan amount – however, the property must be located within the USDA “Eligibility” area.  Here are maps of the Gaston 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 Home Loan Map Changes Available

May 7, 2013 by Leave a Comment

usda not for commercial farmsWe’ve known for a while that unless Congress votes otherwise – the USDA Home Loan footprint across the country is changing.  This is a pretty major issue, because USDA Home Loans are only available to folks who are purchasing a home within the USDA “Footprint.”  These are one hundred percent, no money down mortgage loans, that are CHEAP when compared to FHA (and the sky high FHA PMI rates right now).  Effective October 1, 2013 the maps are set to change, and the USDA Home Loan Footprint in NC is getting smaller.

Today was the first time we noticed an area on the USDA LOAN Website that shows you how to tell if the area that you are interested in is affected.  More importantly, it will let homeowners know if their home will still qualify for the financing.Our general belief is that homes that LOSE USDA Home Loan Financing in certain price ranges, could see a negative economic impact from the change.

We just glanced briefly, and saw that properties listed in Fuquay Varina, Holly Springs and Wake Forest will not be eligible for USDA Home Loan financing beginning in October, based upon this map change. Here’s a comprehensive list of Towns in NC that are scheduled to lose the opportunity to offer USDA Home Loans.  We will update maps of effected areas in the next few days. [Read more...]

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Holly Springs NC USDA Map Changes 2013

May 6, 2013 by Leave a Comment

first time home buyer programsWe just received the updated maps for Holly Springs, NC that show the probable map changes to the USDA Home Loan Footprint.  The Maps are currently scheduled to change on October 1, 2013.  The changes are mandated because the Census maps for the area changed dramatically in 2010, and the area is no longer considered Rural.

There is a push in Congress to reverse all of this, and change the definition of Rural, with the consideration of  H.R. 858, the Rural Housing Preservation Act.   This Act carries a provision for any “area that has a population of between 10,000 and 25,000, is rural in character, and has a serious lack of mortgage credit for lower and moderate-income families.”  In our estimation, if it passed about 40% of the changes currently slated to go into effect in October might be delayed in NC.

It’s not just Fuquay Varina and Holly Springs, many areas in NC will no longer be eligible for USDA Home Loan financing effective October 1. Cass Holt Road in Holly Springs is one of the “defining” landmarks.  If you are purchasing a home on the “Fuquay” side of the road, it might fit in the pocket that qualifies.  Honeycuctt Road in Holly Springs is another defining road that determines what homes are eligible for USDA Home Loan financing – and the ones that are not eligible after October 1st. [Read more...]

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How To Get Quicker Underwriting For USDA Home Loans

April 16, 2013 by Leave a Comment

USDA Home LoansWe have tons of people who want to know how to get quicker Underwriting for USDA Home Loans in NC.  The thought of having to move in with family, living out of boxes is not appealing to anyone.  So what are the tips for getting your keys early??? Check this list of 7 things you can do To Get Quicker Underwriting For USDA Home Loans:

  1. Have All of the pages of your Bank Statements ready.  I can’t tell you how many times someone will only give us a few of the pages – we need ALL of the pages for the last 2 years. The USDA Home Loan Underwriters are going to be looking for NSF checks…
  2. Go ahead and get a security code if your employer uses The Work Number.  If they don’t get us a person who will talk to us about your employment, the name, title and phone number will be a great help.
  3. If you have any deposits that are NOT payroll deposits on your bank statement… go ahead and get us documentation of what each one relates to.
  4. Make a clear copy of your Driver’s License.
  5. If we ask you for an additional document – get it to us FAST.  So if you are getting a gift for your closing costs from your grandmother, get us ALL of the documentation we need as soon as possible. [Read more...]
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2013 USDA Home Loan Map Changes in NC

March 29, 2013 by Leave a Comment

usda home loansWe just received the “Official” word from USDA Home Loan Rural Development office that the proposed changes to the USDA Home Loan Maps are delayed until September 30, 2013.

The way we read the document, this is our “30 day notice” that as of the end of Business on September 30, 2013 – the map changes will go into effect.  You must be fully approved as eligible under “today’s” guidelines by then.

On October 1, 2013 it could be a brand new deal for USDA Home Loans in NC!

It’s a great program for those seeking mortgage loan financing in a non-metro area of NC.  The 3 basic requirements are that you have pretty good credit (640 is ideal), that the home is in an “Eligible Area” and your household income must be below the maximum level set for that County / Area. [Read more...]

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How HR 858 Affects USDA Home Loans in NC

March 27, 2013 by Leave a Comment

buy a home in Apex NCThere are currently two bills being considered by Congress that would change the “definition” of Rural.  This is important, because if you want to live in a part of North Carolina that is “right outside” of a metro area, like Charlotte, Raleigh or Greensboro, you could use the opportunity to do so with a USDA Home Loan in NC.

In NC, USDA Home Loans are one of the most POPULAR mortgage programs because it’s a no money down, 100% mortgage loan… and it has the lowest closing costs and PMI of any other program available.

The current maps are based on 1990 Census data (for the most part) and since our state has seen tremendous growth – it will have a major impact on where you can purchase a home in NC using USDA.  If the Maps Change on September 30, 2013 anyone interested in buying a house in Belmont, Holly Springs, Clayton, Wake Forest would need to make a downpayment (unless you’re a Vet of course!).  Because of that, the USDA Map Changes are being closely watched by first time homebuyers in NC! [Read more...]

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USDA Home Loan Underwriting Delays Spring 2013

March 26, 2013 by 9 Comments
USDA Home Loans in NC

USDA Home Loans in NC

There’s good news, and bad news concerning USDA Home Loans in NC.  First the Good News:   USDA Map changes scheduled to go into effect on March 27, 2013 will now be delayed until September 30, 2013.  The BAD NEWS?  Anyone trying to get a USDA Home Loan is seeing MASSIVE underwriting delays!

The USDA Map Changes proposed for NC are massive.  More than 1/3 of the ENTIRE state of North Carolina could lose the ability to offer USDA Home Loans.  Since we “get rural fast” here in NC, that’s pretty significant.  So the fact that the USDA Home Loan map change is delayed until September 30, 2013 is N-I-C-E! [Read more...]

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USDA Home Loan Map Changes Are Delayed Until September 2013

March 25, 2013 by 4 Comments

USDA home loansDespite the “Sequester” the Senate and House are quietly passing pieces of legislation that could HELP housing!  I’m specifically talking about  the continuation of the USDA 2013 budget last week, which is now just waiting for the President to sign it.  With that signature, the legislation will KEEP the current USDA designated eligible areas IN PLACE for a while longer.  That means that USDA Home Loan map changes are delayed until September 2013 giving everyone a little more breathing space!

Even though there is a push to change the definition of Rural, this delay will give Congress more time to consider H.R. 858, the Rural Housing Preservation Act.   This Act carries a provision for any “area that has a population of between 10,000 and 25,000, is rural in character, and has a serious lack of mortgage credit for lower and moderate-income families.”

For First Time Homebuyers in NC, this is WONDERFUL news.  With the changes to USDA Home Loan Maps now scheduled to go into effect on September 30, 2013 -  1/3 of North Carolina LOSES the ability to offer USDA Home Loans! [Read more...]

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USDA Home Loan Map Change Update

March 5, 2013 by 2 Comments

USDA RD Program changesHere’s the USDA Home Loan Map Change update we just received from the NC USDA RD Office.  It confirms that while nobody really knows the final outcome of the map change,  the pressure to have loans submitted and approved by USDA prior to the end of March is off.  READ:  The USDA home loan map change could be extended past March 27, 2013.

UPDATE:  The Continuing Resolution for FY13 Budget means the change could be delayed until September 30, 2013.

From: Vital, Connie – RD, Raleigh, NC [mailto:Connie.Vital@nc.usda.gov]

Sent: Tuesday, March 05, 2013 11:09 AM
To: sthorne@mortgages.rcbna.com
Subject: RE: eligibility map changes

 

The National Office is not giving us any defined direction to date.  But when you pull the procedure on changing the eligibility line, the government must give public notice 30 days in advance.  And since we did not sent out a public notice on 2/27/2013 and can very strongly say the new eligibility lines will not go into effect on 3/27/2013. 

 

Connie V. Vital |SF- Housing Specialist
Rural Development
US Department of Agriculture
4405 Bland Road, Suite 260 |Raleigh, NC 27609
Phone:  919-873-2064 | Fax: 919-873-2004
www.rurdev.usda.gov [Read more...]

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