We’ve had TONS of calls this week from folks wanting to know if we still have money to lend for homes in the Triangle! YES! We even have 100% loans available.
Unless you are a veteran – in which case you qualify for a VA loan – most folks looking for 100% financing are choosing USDA.
We’ve written about most of the qualifying “quirks” of the program here and here – but wanted to add a couple of notes.
First off, you do NOT have to be a first time home buyer to qualify for a USDA home. The “rigid” rule is that you can not currently own a home. However, if you own a home in Ohio (for instance) that will not sell – and you rent it and move to NC, you can get a 100% USDA home loan!
The other sticking point is that you can not have more than 20% liquid assets. SO if you are purchasing a $100,000 home you can not have more than $20,000 in liquid assets. These liquid assets do NOT include money in retirement or 401K accounts.
It’s a great program, and the rates are still REALLY low!
Nice job. I completely agree with you.
While we’re dabbling in the area of 100% Mortgages in Wake County?? | NC FHA Expert, Of the supposed 400,000 families that were to be shielded from foreclosure, as of this report, approximately 400 loans (that’s appropriate 400 total) have been refinanced. Business executives correctly known as the program “useless” due to the fact of its onerous details.