If you are looking for a home in Kinston NC, or anywhere in Lenoir County for that matter, that has very little cost associated with it, then you might want to consider the USDA Loans in Kinston, NC. This program is not unique to Kinston, it’s available in all NC Counties, but the USDA Loans for 28504, differ from loans you might be looking into like NCFHA or FHA that have a maximum sales price. (FYI: NCHFA means NC Housing and Finance Administration. I’ll save us both some trouble and refer to it as NCHFA!)
The USDA Loans Kinston NC do not have a maximum loan amount or Sales Price associated with them. The program does require that the house, in order to be eligible sit within the USDA “footprint of eligible” areas.
Below you will see the maps we printed out for the Lenoir County area, of qualified / eligible properties. There’s been speculation that we could see further changes to the USDA Loans Kinston NC eligibiity maps.
As you look over the 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 Home Loan program in Kinston (both with the current map and the future changes).
USDA Loans Kinston NC
It’s easy to understand why so many people in Kinston NC are interested in the USDA Home Loan Program. It requires ZERO money for a down payment, the payments are very low fixed rate mortgages with the lowest PMI rates offered.
Many of our clients using the USDA Loans Kinston NC program have to only pay for their credit report, their portion of homeowner insurance, taxes and any homeowner association dues…. this is because many times, these days, sellers are willing to pay most of the closing costs on a USDA Loan.
The minimum credit score requirement for the USDA loan is a moving target. In general, we need two credit scores over 640 to qualify – but we’ve done loans for folks with credit scores as low as 600 and 620. The best interest rates are offered to those with scores above 640.
USDA Loan requirements for credit are a little different from FHA and VA loans. They will only extend credit to those who have been out of Bankruptcy or Foreclosure or a Short Sale for 36 full months. With FHA and VA loans we only have to wait 2 years. Additionally, USDA home loans treat Student Loans differently, counting payments for those with deferred Student Loans (even though they are deferred).
Unlike most parts of NC that have eligible and “ineligible” areas – Kinston NC USDA Map Changes do not appear to see any significant changes on … Although speculation is that Pitt County and Greenville NC will see pretty significant changes.
USDA Loans in Kinston NC also require that you meet the Income limit set for the county. These income limits are based on the Counties Median Income and they are subject to change each October. There are Gross Income Adjustments that USDA allows Lenders to make, so if you find that your household income is over the limit, check with us to see if we are allowed to make an adjustment for you. The USDA Home Loans Maximum Income Limits for Lenoir County are as follows:
- 1 to 4 people in the Household $74,750
- 5 or More in the Household $98,650
In additional to the USDA Loans in Kinston NC, we can also use the NCHFA programs to help folks in Kinston buy a home. The NCHFA programs are used in addition to the USDA Loans, so they are “add-ons” so to speak.
If you are applying for the NC First Time Home Buyer Program, there are different qualifying Income Limits (from the USDA Loan Limits per household) and Sales Price Limits for Lenoir County. This beauty of this program is that it is designed for folks who are residents of NC and have not owned a primary residence in the past 3 years (so NOT just for First Time Homebuyers). You can qualify to get down payment assistance, so you don’t have to make a down payment in Kinston, if the home you are looking for is not within the USDA Home Loan footprint!
The minimum Credit Score Requirements for the NCHFA program says that 2 credit scores must be over 640
- NCHFA 2016 Household Income Limits for Lenoir County and the Kinston area is based upon the program you are applying for.
- NC Home Advantage Mortgage / Maximum Household income of $87,500 (no matter how many people are in the household)
- MCC | Mortgage Credit Certificate / Maximum Household income of $69,000 if there are 1 or 2 people in the home, for households with 3 or more the income limit is $80,000 program details for MCC)
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 Have more questions about USDA Loans Kinston NC? We’d are specialists for this program and we’re here to help!