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!
We recently did a comparison of ALL No Money Down Home Loans available in NC, and in our opinion, USDA Home Loans are still the cheapest option available.
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
About Eleanor Thorne
Hello Eleanor – can you currently get USDA Rural Housing loans on manufactured homes (doublewides) that are pre-owned?
Thanks,
Shawn
Shawn! Thanks for asking! No. You can not do a USDA home loan on an existing mobile home. Sorry! 8o(
Very useful post. where can i find more articles on this subject ?
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
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.
Hi im looking for a first time buyer no money down in wilmington nc or surrounding areas
Great Site. Keep up the great work………
Do double wides qualify for USDA ?
Doublewides, that are part of a Land Package (meaning new, and the Manufacturer approved) do qualify for the program. Existing Manufactured homes do not qualify. I normally refer manufactured homes to Wells Fargo or BB&T
Hey…are there USDA houses in Cary,North Raleigh around strickland and durant areas?Wakeforest?
Charles – yes! There are USDA Houses in North Raleigh / Wake Forest Area. The homes closest to Cary (at this point) are across 55 closer to Chatham County (Amberly) and Apex. We’d be glad to help – just call us at 919 649 5058