Hickory, North Carolina is a City with historic ties to craftsmen, and Mills. It’s located North of Charlotte, and West of Winston Salem. Hickory is undergoing a huge renovation, as vacant and under used buildings are being “re-purposed” using City and Federal Grants for improvements.
No wonder so many families we are talking to want to buy a house in Hickory, and need information about the USDA Loan Eligibility Map in Hickory, as it is changing this fall, for this growing City!
The newly “imagined” spaces in Hickory, NC include a huge private investment in a Waterfront Park, and a long list of other Greenway projects targeted at drawing more young families to the City to enjoy new vibrant outdoor spaces.
“In most cities, there is a competing interest between economic development, the environment, and the protection of neighborhoods. The City’s Operation: No Vacancy program works in a positive manner to stimulate economic development, preserve neighborhood aesthetics, while protecting the natural environment,” said Brian Frazier, Planning and Development Director.
We recently visited the area, and were very impressed with the available housing in Hickory, NC. The Real Estate Prices in Hickory, depending on the price range you are looking in, do appear to be trending slightly higher – so NOW is a great time to look for a home in Hickory NC.
USDA Home Loans Hickory NC
First Time Home Buyers, and those who don’t have a ton of cash available for a large down payment on a home in Hickory NC, have relied on the USDA Home Loan Program. The USDA Home Loan requires no down payment. It is designed for folks who are willing to work in a more rural NC setting – making most of the areas right around Hickory perfect!
You do NOT have to be a first time home buyer to qualify for a USDA Home Loan, you simply need a middle credit score of at least 600, be willing to live within the USDA Home Loan Eligibility Map area, and have a household income below the maximum limit set for the county you want to buy a house in.
For folks buying a house near Hickory, Burke, Caldwell and Catawba County all fall under the same USDA Income Limits. For those with 1 to 4 people living in the house, the maximum income is $78,200. For those with 5 or more people living in the home, the maximum USDA Income Limit is $103,200.
Like all other mortgage loan programs, the USDA Home Loan program does carry its own form of Default Insurance, or PMI. The PMI rates for USDA Loans, however, are about as cheap as you can get, keeping monthly payments very low!
The USDA Loans are “backed” by the US Government, therefore, they also carry the best mortgage rates available.
The Mortgage Tax Credit for First Time Home Buyers is also available for the USDA Home Loan in Hickory. If you qualify (there are different income and credit score requirements) it could save you $2000 a year, for as long as you live in the house. Many banks and mortgage companies do not offer this Tax Benefit, however we DO! 🙂
USDA Loan Eligibility Maps in Hickory NC
The USDA Eligibility Map for Hickory NC is currently schedule to change effective 2020. Here are CURRENT Eligible areas, and then maps showing that Newton, Conover and many neighborhoods will no longer qualify for the program. Look in the lower right corner of the map to see FUTURE Maps (changes for September). the “pinkish” areas do NOT qualify for no down payment – USDA Loans.
Below is the Current USDA Loan Eligibility Map for the NE Section of Hickory NC Springs Road and Kool Park Road NE in the St. Stephens Area. Again, the shaded areas do not qualify for the USDA Home Loan Program.Below is the first of Several looks at the USDA Loan Eligibility Map Hickory NC effective on December 1, 2017
Many areas that are CURRENTLY Eligible for USDA Home Loans – lose that program when the USDA Loan Eligibility Maps for Hickory NC change in September 2020.
You will notice that pretty much all of the areas near Granite Falls, will continue to be eligible for USDA Loan financing after the Eligibility Maps change this fall. The Conover and Newton areas will no longer be eligible for the USDA Loan Program.
If you have questions about qualifying to buy a house in Hickory NC, or you are interested in buying a home in Conover or Newton or Granite Falls – call Steve and Eleanor Thorne 919 649 5058. We specialize in the USDA Loan program for our State, and we understand what this new definition of Rural, which Congress is pondering, is going to mean for the changes to the USDA Loan Eligibility Map in Hickory NC.