Are you looking for a mobile home? It can be difficult to get a mortgage loan for a mobile home – but we CAN help you find a nice stick built home, with a special program! USDA Home Loans in NC are an excellent choice – and they are 100% – No Money Down Home Loans!
USDA Home Loans were once called Rural Economic Development – and prior to THAT it was called Farmer’s Home – but it’s all the same thing. The loan is designed for folks living in a more rural setting. There are TONS of places in North Carolina, and near metropolitan areas like Raleigh and Charlotte that qualify for this program.
Here are the basic guidelines for the USDA No Money Down Home Loans through their Guaranteed Rural Housing program.
1. Must have two scores at 640, or be able to qualify for the NC Housing Finance Agency funds that will go down to 600.
2. Must be within income guidelines for the county in which the subject property is located (These tend to be significantly higher than the HUD median income limits).
3. Subject property must be within an eligible area.
4. Ratios cannot exceed 29/41 ( although with clean credit they will issue a ratio waiver ).
5. Foreclosures must be at least 36 months in the past.
Student Loans are treated a little bit differently on USDA No Money Down Home Loans, so we’ll need to get a payment amount for them, even if they are in deferment. If you have SMALL collections (meaning they are all under $200) then they probably don’t have to be paid… but if there are some BIG ones (thousands of dollars) you will need to talk to us about them. The underwriter might require a payment plan.
Click here to see if your property would qualify for one of these loans!
If you are interested in a USDA Home LOAN, Contact the NC USDA No Money Down Home Loan EXPERTS, Steve and Eleanor Thorne 919 649-5058 Connect With Us on Facebook.