Part of Durham County, NC qualifies for USDA mortgages – and the qualifying guidelines have recently changed!
To see maps specific to where you can find a home that qualifies for this 100% financing in Durham, click here
The maximum income is calculated per family members living at home. The current guidelines are:
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1 person in household maximum income is $92,700
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2 people in household maximum income is $92,700
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3 people in the household maximum income is $92,700
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4 people in the household maximum income is $92,700
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5 people in the household maximum income is $122,350
In addition to this – the property needs to be located in a qualified (less densely populated area). If you want to see if your property is qualified for a USDA 100% home loan – click here!
Most mortgage programs require us to count some form of Student Loan debt in our qualifying Debt to Income ratios. USDA Home Loan NC underwriters are the most diligent, and require that we prove that the payment is actually a fixed rate mortgage payment.
The USDA Student Loan Guidelines state that we must calculate qualifications as follows:
“Include the greater of 1% of the outstanding loan balance or the verified fixed payment reflected on the credit report. Income based repayment plans (IBR), graduated repayment plans, adjustable, interest only are all subject to change & the lender must use 1% of the outstanding loan balance as the payment amount.”
If you have questions about purchasing a home using a USDA Mortgage – please call Steve and Eleanor Thorne at 919-649-5058 | Connect With Us on Facebook!
I try and answer all questions :)