USDA Loans in Rocky Mount NC

Rocky Mount is one of those cities that has seen good times and bad in the past few years. One of the builder’s we think highly of, Halle Building Group just purchased a large Golf Course Community in Rocky Mount, and is investing several million dollars to upgrade it and build new homes. We believe this investment is warranted because Housing and the Economy go hand in hand.  For home buyers, USDA Home Loans in Rocky Mount NC have long been a favorite program.

Probably because of its unique location at I-95 just east of Raleigh, the Rocky Mount area continues to attract many transportation based manufacturers and technologically advanced employers. These companies and their employees love living in a small town environment with so many “big City” amenities just minutes away.

It’ not surprising then that when we talk to folks who want to buy a home in Wilson, Rocky Mount or Knightdale, we are generally talking with them about USDA home Loans.  Other programs, including NCHFA loans and FHA loans have maximum loan amounts based upon the county you are in.  USDA home loans in Rocky Mount do not have this requirement.  The property must be located within the USDA “Eligibility map” area. The borrowers need two credit scores of between 600 and 640 and they must meet the Income limits for the County.

The USDA Home Loans Maximum Income Limits for Nash County

• 1 to 4 people in the Household $82,700
• 5 or More in the Household $109,150

USDA Home loans are great for folks who don’t have 20 or 30% to put down on a home.   In fact, the loans has ZERO money needed for the down payment, the Seller can help pay closing costs, and the borrower usually needs to have only the money for the home inspection, credit report, their portion of the taxes, any homeowner association fees and their homeowners insurance. 

This loan program is ultimately over $8000 cheaper than a FHA loan during the first 10 years.  Why?  Because FHA PMI rates are as much as $240 a month higher than USDA PMI rates.  The loans are 30 year fixed rate mortgages only available for owner occupied properties. The physical home requirement are not difficult to meet (for the most part) however outbuildings can lower the value of the home, and in ground swimming pools are difficult to finance with USDA.

ANOTHER PROGRAM that folks might want to look at, that does not require a down payment, is the NC First Time Home Buyer Grant Program that gives you, money in the form of a forgivable loan assistance that can cover closing costs or down payment.

Mortgage rates have started going up this year, and some believe that this will cause Real Estate Prices in Rocky Mount to get higher too.  Because of this, we believe this is the perfect time to buy a home while you can get cheap money, and cheap homes!

Here are maps of the Nash County area, remember that the “faint pink” parts on the map do NOT qualify for USDA Home Loans in Rocky Mount NC.  All of the OTHER areas, however, DO qualify for the USDA RD Loan program.

The Rocky Mount NC USDA Eligibility Map has seen a couple of changes.

When you call us to get pre-qualified for a mortgage, we are going to automatically check and see if we can qualify you for an “Add On” program offered by NCHFA.  The programs are referred to as the NC Home Advantage Mortgage and the MCC \ Mortgage Credit Certificate advantage.  These mortgage programs are in addition to USDA, and they help folks who qualify get a little bigger house – lower mortgage rates, potentially more help with a forgivable grant of up to 3%, and a Tax Credit each year! Minimum credit scores for these programs are 640 – meaning you need 2 of your 3 credit scores over 640 to qualify.

The NCHFA Program was originally just for NC First Time Home Buyers however the program changed in May of 2013, and now anyone who has not owned a home as a primary residence for the last three years.  Another way of looking at it is if you have a rental home in another part of the country and you’ve been renting a home you might still qualify.  With the NCHFA Program, there are different qualifying Income Limits.  There are no longer Sales Price Limits for this program in Nash County.

• 2017 NC Housing Income Limits for Nash County and the Rocky Mount area  (how to calculate income)
  • NC Home Advantage Mortgage / Maximum Household income of $87,500
  • Mortgage Credit Certificate / Maximum Household income for a family of 3+ $82,000

  Connect with us on Google Plus or Facebook! If you have questions about qualifying for USDA Home Loans Rocky Mount, NC, call Steve and Eleanor 919 649 5058