There’s a ton of interest in 100%, no down payment USDA Home loans in NC. Unlike large Metro areas, like Washington DC, we have many large areas that qualify for USDA Mortgage loans near Raleigh! In fact, all of Johnston, Franklin, Chatham and Harnett Counties qualify for this program. Click here to see a map of all counties that qualify for USDA mortgage loans.
But demand for the program is not why people are calling us to ask why another lender is taking so long to close under this program.
“Is USDA just backed up again?” someone asked this week?
No. USDA Underwriting turn times in NC are back to 48 hours.
Our theory is that the reason that loan is taking longer than anyone expected is because loan officers are taking tough deals… filling pipelines with loans that can possibly close – but it’s not the “easy” 700 credit score with $2000 in the bank customer that we are seeing right now. For the most part, the deals that we are talking to people about are tough!
We are talking to many people coming to the Triangle who left a ton of sorrow behind. People are looking for a home when they just got out of a Bankruptcy, or they were laid off and started a new company.
These people realize that it’s a great time to buy – but getting their financing done can be tough.
The encouraging thing about it is that these people… people who were laid off and figured out a way to take their entrepreneurial spirit and “take care” of their family have hope. They’ve seen things get better for their family! They went through months sometimes of really painful foreclosures, or were hassled through the short sale process.. and now they are in a better place and want to buy again.
When these folks come to us, we are realistic with them… but if there’s a way to figure it out… if there’s a chance that they can meet the guidelines and purchase now, we’re trying it. Most loan officers we know are working hours to document the file and make the deals work.
So – if it seems like your USDA closing is taking too long… maybe you should ask the Lender if it’s a USDA problem.. if it’s a tough deal.
If you are considering a USDA Home Loan Purchase in NC we understand the guidelines! Please call Steve and Eleanor Thorne 919-649-5058 we specialize in these loans!