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 600. 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 DPA that will help cover your Closing Costs.
This map is the CURRENT USDA Home Loan Footprint. You can clearly see that there are many areas near Belmont and Gastonia that qualify for the Program. In General, if you are in an Incorporated City Limit in NC, you should consider using the NCHFA Program for a Forgivable Loan because you will not be able to use a USDA Home Loan.
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 $85,250
- 5 or More in the Household $112,550
VIEW Frequently Asked Questions about USDA Underwriting Guidelines for NC
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.
I would like to purchase a home in Belmont, NC 28012. I would like to get approval on a USDA loan. How do I go about this?
Joan, thanks for contacting us about buying a home in Belmont. We’ll be calling you this week after work. What a beautiful area, lots of places in Belmont qualify for USDA Home Loans 🙂
I’m on disability and need a home a house or apartment , duplex. I currently do not own or have a home of my own . Can you contact me about how to start or to get a usda rural area home loan. My 8ncome is very low . I am single, divorced and disabled. Thankyou
Elaine you need to contact the USDA Direct Office. Good Luck!!
SHELBY NC, USDA Home Loan AREA OFFICE
Warren C. Smith, Area Director
844 Wallace Grove Road
Shelby, NC 28150
704-471-0235
844-325-6850 Fax
Email: mailto:kevin.oliver@nc.usda.gov
Counties Served: Cleveland, Gaston, McDowell, Polk, Rutherford, Mecklenburg
I currently live in an apartment in Belmont, NC 28012 with my wife and 2 kids but we are looking to purchase a single family house here soon because the apartment is getting too small. Can you help? I have a lot of questions. Thanks!
Louie Tran
(704-737-3280)
louietran73@gmail.com
I am a victim of identity theft and it has hurt my credit and has been difficult to get a place to live. I have forms stating my identity has been stolen from 2 different business. Will this help me in getting a home … I have disputed some of the items on my credit report and it’s very time consuming. I don’t and should not have to pay to fix what I did not do… this will take years . I don’t have years, living with family and friends until I have NO PLACE TO LIVE.Do you think i can apply and have a chance of a place to live? I’m willing to live in duplex, apartments, condo, single home, mobile home , just a clean safe environment
Elaine, if you have evidence that this is not your fault, then you can take that to the loan officer. I would suggest going to a credit union, if you are a member of one, because they often have the best chance of helping you… or go to your bank, and take your paperwork, and make an appointment with the loan officer. We do tons of loans in the Belmont area, and if you would like for us to help you, we will be more than willing to try. There’s more to buying a home than credit. We have to look at your employment, and the debt you do owe, and your cash position.
ANOTHER Option, might be some program that they have at the NC Housing Finance Agency. Perhaps they have a partner in Gastonia that can help? Their number is (919) 877-5700
Thank you for your information. I will contact the number you sent me and definitely keep praying and trying for a home. I so want my own home .. it’s so sad to not have your own place to call home. Only when you have been without a home then you realize how precious a place of your own called home , that’s when you realize how precious having a home is. It’s A God given gift and I long for a home. Again thank you, Elaine Broom