Looking for a home near Charlotte NC that is in a more “small town” setting and doesn’t require much money out-of-pocket? You might be interested in USDA Loans in Belmont, NC. Unlike FHA Loans, that have a maximum sales price requirement that changes per county, the USDA Home Loan available in the 28012 zip code (and surrounding ares of Belmont) do not have to be under a maximum loan amount limit.
To qualify for the no money down payment, low closing cost USDA Loan in Belmont however, the property must be located within the USDA “Eligibility” area. Below we show you the maps of the Gaston County area that are currently eligible and within the USDA “footprint.”
As you look at these maps, remember that the “faint pink” parts on the map do NOT qualify for USDA Loans. All of the OTHER areas, however, DO qualify for the USDA RD Loan program.
The USDA Loan Program in North Carolina is one of the most requested loans for Belmont. It’s easy to understand why, there are no down payment requirements, and the Seller can pay closing costs. There’s some special considerations when it comes to Seller Concessions, and we often work with Real Estate Agents to help structure your contract to make this work.
Although the USDA Home Loan program is designed for small towns and more rural areas in NC, it’s difficult to finance a home that is actually a working farm with the Guarantee program we offer. If this is the type property you are interested in, we suggest that you contact the USDA Office in Gaston County. We have financed several horse farms, but “outbuildings” and in ground Swimming pools are difficult to finance with the USDA Guarantee program we offer.
Minimum Credit Scores for USDA Loans in Belmont, NC are generally 620. It depends on so many factors, honestly, we normally try to help folks get 2 scores over 640 to qualify for a home. It’s saves so much money on Home Owners Insurance, and it gets you the very best interest rates. It’s usually pretty easy (and quick) to get scores up 20 or 30 points (if that’s all you need).
Payments for the USDA Loans in Belmont, NC are also quite low, especially when you compare them with FHA loans. FHA PMI rates have gone up like 6 times in the last couple of years, however the USDA PMI rates have remained especially low. We can also use the Belmont First Time Home Buyer Program with a USDA Home Loan. This gives us additional Mortgage Tax Credits and a grant that will help cover your Closing Costs.
This map is the CURRENT USDA Home Loan Footprint. You can clearly see that all of Belmont is currently within the USDA Home Loan Eligibility area. Under it are the maps that are scheduled to go into effect
The maps below reflect what the USDA Home Loan Map will look like for Gaston County, Belmont and Gastonia effective . Many neighborhoods in Belmont and parts of Gaston County will no longer be within an eligible area with the USDA Map changes.
To qualify for a USDA Home Loan in Belmont and Gaston County – not only do you have to buy a house that sits within these eligibility maps – you also must meet the maximum income for households in your county. These maximum income limits change every October, and can also vary based upon how many people live in the home. We can also make adjustments to these figures based on child care, and other expenses – so if you are over the limit by a smidgen, call us to see if we can still qualify you.
The USDA Home Loans Maximum Income Limits for Gaston County
- 1 to 4 people in the Household $78,800
- 5 or More in the Household $104,000