Folks who live and work in Charlotte, often find that they are pulled to one of the many unique communities surrounding the Charlotte Metropolitan area. Some of these smaller Charlotte Communities include urban areas, while other Charlotte suburb choices include more rural areas to raise a family, have a little garden – and escape the bustle of downtown Charlotte, NC. A recent report showed that over 200,000 workers commute to Charlotte from surrounding towns and from multiple surrounding counties. In each of these counties, you will find that USDA Loans Charlotte, NC are one of the most popular financing tools for buying a house in Charlotte, NC.
The Counties of Mecklenburg (where Charlotte “proper” is located) is only one of the counties that contributes housing, and a workforce to Charlotte. Other neighboring North and South Carolina Counties, including Union County, Cabarras County, Iredell County, Gaston County and York County, SC contribute to making up the greater Charlotte Metro Area… and they all have areas that qualify for USDA Home Loans Charlotte NC.
Charlotte’s suburbs are composed of several smaller communities, including Concord, Mint Hill, Belmont, Matthews, Indian Trail, Monroe, Mooresville and Huntersville. Each of these Charlotte Communities have neighborhoods that are currently eligible for USDA Loans, which require absolutely no cash for down payment.
Each Charlotte Community has a unique ‘personality’, with varying types of subdivisions, housing, and amenities. In general, you will find that neighborhoods that qualify for USDA Loans Charlotte NC are within the USDA Maps “footprint” for a less Urban, more “rural” setting. NOT NECESSARILY A HORSE FARM – but certainly, the houses that are across from the farms, down the road from some cows – in an area where you are not likely to be walking down the sidewalk to a Harris Teeter.
What Areas Qualify for USDA Loans Charlotte NC
To qualify for a NO DOWN PAYMENT USDA Home Loan, you need to be able to meet the following criteria… two of your credit scores need to be over the 620 mark, your household income (after adjustments) needs to be under the maximum for the County you are buying in – and the house you want to buy must be within the USDA Loan Eligibility Map “footprint.”
The USDA Home Loan Maps for Charlotte NC began changing December 1, 2014. As the changes to the USDA Loan program go through, many neighborhoods around Charlotte will lose the ability to offer the USDA Loan for buyers.
We are going to show you the areas that are CURRENTLY Eligible for USDA Home Loans in the Charlotte, NC area. The areas that are “clear” or not shaded below are CURRENTLY eligible for no down payment USDA Loans Charlotte NC.
The areas shaded “pink” above represent the places you can NOT buy a house and use the USDA Home Loan program. You will notice, for instance, that Waxhaw is eligible, so is Fort Mill and Belmont – many areas qualify for the USDA Loan Charlotte NC mortgage program. With the changes being made each year, you can see that there are neighborhoods near Gastonia and Belmont that have lost the program.
Below you will see the proposed “future” changes to this map for USDA Loans Charlotte, that could change in the next 24 months.
You can see the areas below Harrisburg, Fort Mill, around Gastonia – many of the areas that are CURRENTLY eligible for USDA Home Loans with no down payment will no longer be eligible when the USDA Eligibility Maps change.
Here are a series of closer “looks” at the USDA Loan maps around the Monroe, Concord, Belmont, Mint Hill and Weddington / Fort Mill areas – in an effort to show you more detail in the roads, and where the neighborhoods are that qualify for USDA Loans Charlotte NC.
How Do I Qualify for a USDA Home Loan in Charlotte, NC?
There are really only a few steps to seeing if you qualify for a USDA Loan in Charlotte NC:
- The property must be located within the USDA “Rural” Map Footprint. At this point, the “footprint” for USDA Home Loans is being updated between October and December each year in the Charlotte, NC area. You can see from the USDA Maps above that there are MANY MANY neighborhoods near and around Charlotte that qualify for the program. On some of the other “Internet” sites that are done by some National Mortgage companies we noticed statements like “the USDA Loan program is ONLY available OUTSIDE of city limits.” This is simply NOT TRUE. If you want to know if the house you want to buy in Charlotte is going to qualify for a USDA RD Loan call us 919 694 5058, we’ll be glad to pull it up for you.
- You do NOT have to be a first time Home Buyer to qualify for a USDA Loan in Charlotte. The program is open to anyone who buys a house within an eligible area, meets the credit score and household income limits. It IS POSSIBLE to get a USDA Loan – even if you are currently renting out a house you own in another area.
- The NCHFA, First Time Home Buyer Programs CAN be used with the USDA Loan Charlotte NC mortgage – we want ALL of our qualifying clients to be able to take advantage of the Mortgage Tax Credit Program! This can save you $10,000 in the first 5 years of owning a home! It is a State of NC program available to everyone who has not owned a home in the last 3 years. This one of the 7 things we think all NC First Time Home Buyers should know more about – because if you buy a house, and you DON’T write this program into your contract… you lose out (Did I mention that’s a $10,000 miss??). Most mortgage Loan Officers in NC do NOT offer these First Time Home Buyer programs, because they have a higher degree of difficulty associated with them!
- Minimum credit score requirements for USDA Home Loans are 600 for a manual underwritten file, and 640 for a “GUS” approval. Folks who have significant credit issues in their past, like Foreclosures and Bankruptcies, must wait longer (usually 3 years) to qualify for a USDA Loan in Charlotte, than they would with other mortgage programs. The Credit Score requirements for a FHA Loan in Charlotte are easier to qualify for. If you are in the high 500 credit score range – call us. We help folks EVERY DAY that are looking to buy a house in Charlotte, but just need to do a little work to get their credit scores up. We have a credit simulator, that tells us what you need to do to improve your score, and we are not afraid of working with someone for 6 to 9 months (or longer) to help them buy their dream home!
- Student Loans COUNT for USDA Loans Charlotte NC – even if they are in deferment (those deferred loans don’t count for FHA). We’ve done so many loans to folks with IBR and other forms of Student loans; we know the USDA Loan Underwriter stance in each circumstance. We CAN help you through this approval maze – just call us. We quote this stuff to people (literally) all day long. 919 649 5058.
- Don’t listen to folks who are on a “credit board” or a loan officer who doesn’t know what the USDA Loan Underwriters for Charlotte will take. For instance, in NC, the statutory limit to go after a Collection account is 5 years. We CAN get your loan approved with an old “outstanding” collection account that isn’t paid off yet.
- The Borrowers must not be over the USDA Home Loan maximum household income for the County they wish to borrow in. The current USDA Loan Maximum household income requirements for Counties near the Charlotte Metro area are broken down into TWO different Maximum Household Limits. Because most Loan Officers are not familiar with the slight differences in the way FHA and USDA MSA areas are broken down, be certain you are getting the correct limits based upon where you want to live. It’s only a couple of thousand dollars difference, but for some families, that’s the difference between qualifying for a USDA Home Loan Charlotte, NC – or not.
- USDA Home Loan Underwriters are allowed to look at ADJUSTED INCOME, and again, unfortunately, many loan officers just look at the chart, and don’t ask the right questions. If you’ve been told you are “just over” the limit – CALL US!
Buying a Home in Charlotte Now Vs Renting
Are you tired of hauling the laundry down to a dark basement, or better yet, LIVING in your PARENTS basement? Maybe it’s time to buy a home for yourself in Charlotte, NC!
We’ve heard all of the doubts from folks who think, I am just able to save a LITTLE bit of money renting – HOW am I going to afford Home Ownership? The good news is that the USDA Loan Charlotte NC makes it possible to buy a house with virtually NO MONEY out-of-pocket!
- The Seller can pay your closing costs!
- There’s NO MONEY needed for down payment!
So tell me again… WHY are you still renting? 20 years from now, no one is going to believe that you bought a house, with mortgage interest rates this low – and did it with so little cash needed!
For more information about USDA Loans Charlotte NC, please contact Steve and Eleanor Thorne, NC Mortgage Experts 919-649-5058 (right here in NC, with the most ACCURATE USDA RD Loan NC information!) You can also connect with us on Facebook , or Google Plus to keep up to date on any changes to programs and mortgage guidelines for First Time Home Buyers and others in Charlotte NC.