USDA loans are great for people in Wake County! This 100% loan has some exciting differences to FHA and VA loans.
USDA loans can be used for Manufactured Housing! Since more than 35% of all housing in North Carolina is manufactured housing, this is a BIG PLUS! Remember though, these must be NEW Installations – “existing” trailers do not qualify.
USDA loans have Minimum Credit Requirements and will allow borrowers to use non-traditional credit! In addition to this, we CAN use NC Housing Finance Agency “guidelines” to help people who have a score less than 620 qualify!
The only “tricky” things to consider about USDA loans is that they have some “quirky” requirements. In order to qualify for a USDA the property must be in a qualified area, the borrowers must meet the maximum income limits for the area. USDA DOES NOT have a maximum loan limit based on the county the property is located in (like FHA) and base the loan on the amount the borrower can afford to repay. They also consider the child care expenses, so when we talk, remember to tell us about those!
Property eligibility is determined by dense population – therefore, the City of Raleigh and Cary do not qualify for this program. Johnston County, Chatham County, most of Fuquay Varina and Holly Springs – Wendell and parts of Wake Forest do qualify. To find out if YOUR property qualifies click here.
The Income limits are calculated based upon the number of people in your family over the age of 18. In general Wake County limits for a family of 4 (2 adults and 2 children) is $91,850. It varies by area, and we put together a video to show you how you can check to see if your families income will qualify!
For more information on USDA loans contact Steve and Eleanor Thorne 919-649-5058 We still have USDA Home Loan fund available, and we are closing refinance USDA RD Loans too!
I try and answer all questions :)