USDA Map Changes Are Set For September 15, 2014 read more
North Carolina’s Best No Money Down Mortgage Option
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USDA Home Loans have Five Basic Qualification Guidelines:
- Property Location: Every County in NC has Areas that qualify
- House Must be : USDA Loans requirements say that the home you are buying must be a single family residence. No Duplexes, or tri-plexes. It must also be your primary residence.
- Credit Scores: The USDA Underwriting System is currently only approving borrowers who have a credit score of 640 or higher.
- Total Debt Ratio: USDA Home Loans qualifying requirements include a ratio between your GROSS income and your total housing payment, and your GROSS Monthly income and your total debt.
- Income Limits: USDA Home Loan requirements for maximum income change per county. If you make more money than the limit, you will not qualify.