UPDATE: The USDA Loan Eligibility Maps have been fixin’ to get ready to change since 2012. Congress kicked the can (so to speak) and changes that were planned for 2013 and 2014 were delayed until 2020. This blog post has links to ALL parts of North Carolina, and reflects the changes that USDA shows as “future changes.”
View USDA Loan Map Changes For NC: Due September 2020
What’s the big Hoopla about USDA Loan Eligibility Maps due to change in North Carolina??
The USDA Home Loan Program is one of the best programs at the moment for home buyers in NC. It has extremely low costs (especially when you compare it to the FHA PMI Rates), and the USDA Home Loan has very low closing costs. The program requires that you purchase a home located within the USDA Home Loan “footprint.” In NC that “footprint” has the potential to see pretty significantly changes over the next couple of years. Because of that below you can view USDA Home Loan Eligibility Map Changes for NC currently due to change in September of 2020.
In the Coastal parts of NC, there are neighborhoods around Wilmington, Ogden and Carolina Beach that could lose the program entirely, including Leland. The newest USDA Home Loan Eligibility Maps show that areas near New Bern are pretty well staying the same. There are areas near Greenville NC that will be ineligible because of the USDA Map Changes. Kinston is also going see neighborhoods and sections of town that will no longer be eligible for USDA Home Loans as part of the program with USDA Loan Map Changes For NC.
In the areas near Raleigh NC there are more significant USDA Loan Eligibility Map changes.
These USDA Loan Map changes include:
- Elimination of the program in most of Holly Springs
- Elimination of significant parts of Knightdale and Wake Forest
- Elimination of the program for most of Clayton and Smithfield
- Elimination of the program in parts of Cary and Apex
- Maps will be changing in Durham and the area near Briar Creek
- Areas near Fayetteville and Sanford will lose USDA Eligibility
- Mebane and Burlington will also have major areas that no longer qualify for the program, based upon the new USDA Home Loan Eligibility Maps.
In the section of the State that runs from Greensboro and Winston Salem down to Charlotte there will also be major areas that no longer qualify for USDA. The USDA Loan Map Eligibility changes for the areas around High Point, North of Greensboro in Summerfield, and Belmont / Gastonia near Charlotte will lose the program.
The new USDA Home Loan Eligibility Maps show that Hickory, Morganton and Asheville also will lose neighborhoods that currently qualify for the no money down payment USDA Home Loan Program.
As you can see, these changes are more pervasive than just the 22 Communities in NC USDA previously announced as being affected by the USDA Loan Map eligibility changes. If you have questions about a specific area, please leave us a comment and we will give you the USDA Home Loan Income Eligibility and USDA Loan Eligibility Map Changes for that specific area. The good news is that every county in NC will continue to have a SMALL area that qualifies for the USDA Home Loan Program.
There are three basic USDA Home Loan requirements for getting a Home Loan in NC.
- The home must be located within the USDA Home Loan footprint (obviously, these boundaries could be changing in NC based on a new definition of “rural” mandated by Congress).
- Each borrower needs at least 2 credit scores of at least 600. In general, the underwriters for USDA Home Loans in NC are looking for 12 months of Clean Credit.
- You must be under the Maximum Income Requirements for the County you are purchasing a home in to qualify for this No Money Down Home Loan Program.
You can use the NC Mortgage Tax Credit (MCC) with this program. The program is designed for First Time Home Buyers, and those who have not owned a home as a principal residence for the last 3 years. With the Mortgage Tax Credit you could be able to qualify for a slightly bigger house. In addition, the NCHFA offers a 3% Grant program for qualifying Home Buyers in NC. The First Time Home Buyer grant is forgivable and carries no payments.
These programs can save you THOUSANDS of dollars in tax credits and can help you qualify for a larger home. We can help you do this! We have the most up to date information about the USDA Loan Map changes, because they are slowly changing with each Census update. Call us at 919 649 5058, Steve and Eleanor Thorne we do many no money down loans, and offer today’s best rate! Connect with us on Facebook or G+ for updates!