North Carolina USDA Mortgage Loans

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 Rual 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.

There’s a 2% fee (it’s their form of mortgage insurance) and it’s added to the loan amount.  So if you are borrowing $100,000 you will have your principal and interest payment calculated at $102,000.  There are income limits, and in Wake County a family of four can not make more than $86,100.

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.8000 Tax Credit UPDATE!

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, Corporate Investors Mortgage Group at 919-649-5058

Filed Under: First Time Home Buyer, USDA Home Loans Tagged With: , , , , , , , , , , , , , , ,
About Eleanor

I see myself differently than most loan officers in the Cary/Raleigh market. As a rare Cary native, I see myself as an expert on the area, on mortgage industry changes & factors that effect rates! I've lived in Cary since 1968 - and I'm second generation "mortgage." I work with my husband, Steve Thorne Mortgage Loan Originator #60596 River Community Bank, N.A., NMLS #448992 Equal Housing Lender More About Me

Comments

  1. Shawn says:
    September 17, 2008 at 1:30 pm

    Hello Eleanor – can you currently get USDA Rural Housing loans on manufactured homes (doublewides) that are pre-owned?

    Thanks,

    Shawn

  2. Eleanor says:
    September 17, 2008 at 4:08 pm

    Shawn! Thanks for asking! No. You can not do a USDA home loan on an existing mobile home. Sorry! 8o(

  3. Tatiana says:
    November 27, 2008 at 1:05 pm

    Very useful post. where can i find more articles on this subject ?

  4. Pamela St. Peter says:
    December 12, 2008 at 1:03 pm

    Eleanor – any parts of N. Raleigh fit into the USDA loan requirements? This is such wonderful information – I can’t wait to share it with our clients! Raleigh Realtor

  5. Tom piccalysfully says:
    December 18, 2008 at 7:04 am

    First of all congratulation for such a great site. I learned a lot reading article here today. I will make sure i visit this site once a day so i can learn more.

  6. whitney delaney says:
    April 8, 2009 at 4:52 pm

    Hi im looking for a first time buyer no money down in wilmington nc or surrounding areas

  7. New Edge Credit says:
    April 28, 2009 at 12:52 pm

    Great Site. Keep up the great work………

Trackbacks

  1. USDA Home Loans Near ECU | USDA Home Loans In North Carolina says:
    April 15, 2011 at 8:23 am

    [...] Country!  Many of the areas around ECU qualify for the USDA Home Loan program! USDA Home Loans are 100%, no money down loans available for “less urban / more rural areas.” This does NOT have to be a farm, just a house [...]

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