High Point North Carolina USDA Loans

There are no specific maximum loan amount caps for USDA Home Loans in High Point, NC 27265.  If you want to purchase a home in High Point using the USDA Home Loan program, however, USDA Home Loan Program requires that the home be located within the USDA “Eligibility” area.  The High Point NC USDA Loan program saw some changes in February with the latest update.  High Point North Carolina USDA Loans could see map changes in the next 24 months, see the historical progression of the eligibility maps for High Point below. 

The program’s full name is the USDA Rural Development Guaranteed Housing Loan program. Most people call them “USDA loans” or “USDA RD Loans”. USDA Home Loans in High Point NC are insured by the U.S. Department of Agriculture.  Again, the USDA’s loan’s biggest feature is that it is a No Money Down Home Loan!  The GREAT news for most home buyers is that USDA Loans are really NOT designed for farms.  They are simply there to encourage folks to buy a house in a more “rural part” of the High Point “metropolitan” area!

High Point North Carolina USDA Loans are available in all of the counties that High Point is located in.  Most of the city is located in Guilford County, with portions spilling into neighboring Randolph, Davidson, and Forsyth counties.  High Point is North Carolina’s only city that extends into four counties!

Is the USDA loan program limited to First Time Home Buyers?

No, the USDA RD Loan can be used by First Time Home Buyers and repeat buyers.  We’ve done several loans for folks who currently have a house (in Tennessee for instance) and get transferred to NC – meaning that when they buy in NC… they’ll have 2 houses.  There are some ways for this to work. (Call us 919 649 5058)

Requirements for High Point North Carolina USDA Loans

• No Money Down Loans:  The USDA Home Loans in High Point have low closing costs, and at this time, we can help you structure a contract for the Seller to pay for most if your closing costs  (This does not mean that you will have to come to closing with NO money).
• The Property does not have to be a Farm, in fact it can be difficult to finance a working farm using the USDA Home Loan High Point Program, but we have been able to use it for some horse farms.
• Credit Scores meet a minimum of 640 (See Bottom of this Page for more details on this First Time Home Buyer program available in High Point)
• Very low PMI rates, especially when you compare the USDA Home Loan PMI rates to the current FHA PMI Rates.

The USDA Maps printed out below are broken down to show you what is currently eligible for USDA Home Loans in High Point.  The “faint pink” parts on the map do NOT qualify for USDA Home Loans in NC.  All of the OTHER areas, however, DO qualify for the USDA RD Loan program in High Point NC.  Notice that there are some “pockets” or neighborhoods that will not qualify, while the areas around them do!

The maps below show the relative change to the USDA Maps for High Point, NC effective June 4th .  As you can see many neighborhoods around High Point are no longer eligible for USDA Loans.

The areas near Greensboro have really grown too, here’s more information on USDA Map Changes scheduled for Greensboro NC 

Below you can see the Proposed USDA Eligibility Maps for High Point as of November, 2020.  This shows that a significant portion of the High Point area could lose this program in the next 24 months.  Frankly, I surprised at how large the changed area is.  Remember, the shaded areas, will NOT qualify for USDA Home Loan financing.

In addition to being located within the USDA Home Loan “footprint” of eligible areas, to qualify for a USDA Home Loan in High Point NC you will also have to be under the Income Limit set for each county.  Since High Point actually sits in the middle of four counties, this could be tricky.  Good News!  The USDA Home Loans Maximum Income Limits for Guilford, Randolph, Davidson, and Forsyth County are all the same .  The USDA income limits for all of the counties surrounding High Point, NC are:

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

There’s also a NCHFA First Time Home Buyer Program that we can use with High Point North Carolina USDA Loans.  The program has its own Income Limits, and it also has a maximum Sales Price Restriction.  The NC First Time Home Buyer Program does offer us some advantages when we use it with the USDA Loan Program.  If you qualify, we can help you gain a Tax Credit, and we can help you obtain additional money for closing costs, which can be forgiven over time.  The Sales price and Income Limits for all of the counties surrounding High Point NC are:

• There’s a Maximum Sales Price for First Time Home Buyer Program in High Point (new or existing homes) $260,000.  If you qualify for the NC First Time Homebuyer Program, you can receive up to 5% of the Sales Price to use for Down payment or Closing Costs.  This program can be used in every county around High Point in conjunction with USDA loans, FHA Loans, Conventional Loans or VA loans.
• Minimum Credit Score Requirements for using the NCHFA program is 640 
• Maximum Household income no matter how many people living in the home is $87,500
• Mortgage Credit Certificate (MCC) is available for High Point, NC, for a family of 3 or more the maximum income limit:
  •   Guilford County $69,000
  •   Randolph County $69,000
  •   Davidson County $70,,000
  •   Forsyth County $69,000

Connect with us on Google Plus or Facebook! If you have questions about qualifying for a USDA Home Loan in NC, call Steve and Eleanor 919 649 5058.  Remember, if these map changes go into place, almost 1/3 of North Carolina will lose the ability to use the USDA Home Loan program… now is the time to buy a house in High Point, NC.