Thinking about buying a home so you can write your mortgage off on your taxes and get a Tax Benefit? Don’t have a ton of CASH laying around?? Well, the first thing you should do is call Steve Thorne to see where properties are in your area that qualify for USDA Rural Development Home Loans! Steve is a USDA Rural Housing Mortgage Expert, and he can research your property and determine if both you and the property will qualify! (okay so that’s the FAST way to do it – call 919-649-5058)
If you’ve heard that USDA Rural Development might be out of money… click here for an update!
If you’re a DIY kinda’ guy… then check the USDA web site to confirm the property eligibility and income limits for the subject property and area (you will see those links on the left navigation – remember you are doing a Guaranteed Loan – which means you have a higher Income threashold). In today’s shrinking credit market, USDA Rural Housing Loan Programs are one of the best 100% mortgage financing options in the marketplace. Give Steve Thorne a call today for more details.
USDA Rural Housing Loan Program Highlights:
- Loans may be for up to 102% of the appraised value or sales price (whichever is lower). The 2% is for the Guarantee Fee, which is actually the only Default Insurance
- No MONTHLY PMI (private mortgage insurance)
- Secure, fixed-rate 30 year mortgages
- Sellers can assist with paying the buyer’s closing costs
- Little cash reserves needed for qualified borrowers (you’ll need money for your Homeowners / Fire Insurance Policy, and your taxes…)
Partial List of Eligibility Guidelines for USDA Rural Housing Mortgages
- Homebuyers must be United States’ citizens, qualified aliens, or legally admitted to the U.S. for permanent residence.
- Adjusted annual household income cannot exceed the moderate income limits for the area. A family’s size and child care considerations may increase chances for qualification if deductions are applicable.
- Primary residences only
- Home must be located in rural areas. This may include open country, and places with populations under 25,000 residents.
To find out more about Qualifying for a USDA Home Loan in NC, please click here.
If you want to find maps with areas that qualify for USDA Mortgage in and around the Triangle, Click Here.
Steve Thorne 919-649-5058, USDA Home Loan Expert. We would love to help you buy your next home!
I try and answer all questions :)