Washington NC is one of those places I’d always heard of, but never visited. In fact, my family always called it “Little Washington” and I literally thought that was the name until we went through there last weekend! We started looking at homes in this area (because that’s what we do) and were pleasantly surprised to find great values, and that the USDA Home Loan Eligibility Map includes the whole city! This means that EVERYTHING in Washington qualifies for USDA Home Loan financing.
Washington NC is located about 15 minutes of Greenville NC – and is a beautiful historic town on the River, with lots of water for Boating. If I worked in Greenville, I would DEFINITELY “live” (spend all of my time) in Washington!
Homes in the historic area include cute cottages, and some new town homes. We found a cute “bungalow” home on East 14th Street (so 14 Streets from the Water best we can tell) that needed the kitchen updated, but had hardwood floors, fenced in backyard, 3 bedrooms and 2 baths for less than $120,000. This seemed like an affordable area to us! Especially when you realize you can buy that house with no down payment required!
Washington NC USDA Home Loan Eligibility Map
To qualify for a USDA Home Loan, you must meet three easy benchmarks, and no, you do NOT have to be a First Time Home Buyer to take advantage of this program, although many of our clients ARE first time home buyers and single Parents…
First you must have a household income below the area maximum of $78200 for a family of 4 (or less) in Beaufort County. If you have more than four living in your home, the income limit is $103,200. This includes USDA Home Loan Income Limits for Washington and Belhaven NC. (Remember we can deduct child care and a few other items from the Maximum Income to qualify you for the program).
Credit Score requirement for USDA Home Loans in Washington NC are pretty lenient – you need 2 credit scores over 600 for a manually underwritten file, or over 640 for straight GUS Accepted loans. We help folks every month buy their Dream Home who did NOT have these credit scores – we are here to HELP YOU get your credit scores to a point that you CAN buy a house for your family – so don’t let that stop you in your search for a home in the Washington NC area!
Lastly, to qualify for a USDA Home Loan, you must buy a house located within the USDA Home Loan Eligibility Map. ALL of Washington and Beaufort County qualifies NOW for the USDA Home Loan program, and if we go to the 2010 Census tract data, the entire area of Beaufort County, including Washington and Belhaven still qualify for the USDA Home Loan NC Program. Pinkish areas on the map above (closer to 264/Greenville NC) do not qualify for USDA Home Loans – however, if it is not pink – it DOES qualify for the program.
Much of North Carolina is scheduled to lose the ability to qualify for a USDA Home Loan, once the USDA Home Loan Eligibility Map changes in September of 2020. In fact, much of the neighborhoods near Greenville, NC will lose the program.
The USDA Home Loan Program can also be used with the Mortgage Tax Credit program (MCC) available to those in NC who have not owned a home during the past 3 years. The program can add over $160 a month to your qualifying power, and is a benefit each year you own the home!
Sellers can pay for closing costs with the USDA Home Loan program, and many of our borrowers need MUCH less than $1000 (total) to buy a home using this program! The costs most borrowers have include the credit report, home inspection fee, your portion of the tax escrow and home owners insurance. This is one reason we suggest using a Real Estate Agent with the purchase of a home, because they are “master negotiators” and we can help guide them in the process, which guarantees you will have the least amount of out-of-pocket expenses possible!
If you are looking for a no money down payment loan or USDA Home Loans Near Greenville NC, Washington NC, Belhaven or other areas near ECU and Pitt County (or anywhere else in NC for that matter), Call Steve and Eleanor Thorne, Mortgage Bankers in NC 919-649-5058 We are USDA Home Loan experts! We have great rates, we can help you with your credit challenges, and we know what WILL work for USDA… and what won’t. We also know exactly where Congress is expected to make USDA Home Loan Eligibility Map changes later this year… So don’t waste your time! Call Steve at 919-649-5058