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.
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!