usda not for commercial farms

USDA Home Loan Map Changes Available

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 the maps are set to change, and the USDA Home Loan Footprint in NC is getting smaller.  USDA Home Loan Map Changes Available on the USDA site will make a huge difference in neighborhoods all across our state!

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.

View the NC USDA Map Changes

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.

This is how you find out if the map changes will affect you. Go to this site, and click the link.  Put in an address, or the name of the town and the state



There area three basic UDSA Home Loan requirements for getting a Home Loan in NC.

  • The home must be located within the USDA Home Loan footprint (obviously, these boundaries could be changing in NC based on a new definition of “rural” mandated by Congress).
  • Each borrower needs at least 2 credit scores of at least 640.  There are exceptions, and if you qualify for a NC Housing Finance Agency loan, you might qualify with scores as low as 620.  In general, the underwriters for USDA Home Loans in NC are looking for 12 months of Clean Credit.
  • You must be under the Maximum Income Requirements for the County you are purchasing a home in to qualify for this No Money Down Home Loan Program.

If you have questions about OTHER no money down programs available in NC, please call Steve and Eleanor Thorne 919 649 5058 – we do many no money down loans, and offer today’s best rate!  Connect with us on Facebook or G+ for updates!



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