USDA Home Loan Environmental Requirements

We've recently run into a series of people purchasing homes in NC with Underground Oil Tanks.  If you are applying for a USDA Home Loan (or any other Government Mortgage Program, frankly) this can be a problem. The USDA Home Loan Handbook has this to say about Environment Requirements and Petroleum Tanks: The Agency must consider the management … [Read more...]

USDA Home Loan Changes Oct 1, 2012 PMI Update

Congress is wrestling  with how the USDA Rural Development Department should work.  In the most recent changes, they dictated that the USDA Home Loan program will be entirely self-funded.  What does that mean?  The USDA Home Loan Program will no longer be dependent on the U.S. taxpayers to stay in business.  Because of this,  USDA is changing how … [Read more...]

NC USDA Home Loan Director Says Maps May Change Oct 2012

We reported earlier that there are some SIGNIFICANT changes in the "definition" of Rural in North Carolina by the USDA Rural Housing Department.  With the passing of the Senate USDA Appropriations bill, S.2375 - it appeared that the decision to change the maps was "Grandfathered" until June 1, 2013.  According to our conversation this morning with … [Read more...]

USDA Home Loan Qualifying Requirements in NC

Although the program has been around for a long time - many people are just now hearing about the USDA Home Loan program that offers No Money Down Home Loans in North Carolina! Sweet! Best news is... it doesn't have to be a FARM!  Over one third of the first time homebuyers recently surveyed said, "We'd love to buy a house, but we don't have … [Read more...]

USDA Home Loan Adjusted Annual Income

USDA No Money Down Loans are one of the most requested programs of ANY loan program we do.  We recently had two different families buying a home in North Carolina who had been told that they didn't qualify for the program - who actually did.  The problem for them was that the Loan Officer they originally talked to was not aware of the Adjustments … [Read more...]

USDA Loan Frequently Asked Questions

Most loan officers are not familiar with the USDA Loan Program - which is a shame, because it's one of the best No Money Down Home Loans available in NC! We get "Rural" really fast in NC... one minute you're in a neighborhood - the next you can wake up to the sound of Roosters! If you're interested in living in a home with a larger lot - and … [Read more...]

USDA Home Loan Closing Closts

USDA Home Loans have different closing costs than those charged by their "cousins" the FHA mortgage loan.  Why?  Because the USDA Home Loan program in NC has lower PMI fees than an FHA loan! We've seen borrowers close with one of the No Money Down Home Loans with less than $250 out of pocket! USDA Home Loans have traditionally been pretty … [Read more...]

Secured Credit Cards

Trulia recently did a a study of first time home buyers and discovered that about 30% of the people they interviewed pretty equally fell into one of these categories: Wanted to Buy a home but they worried about down payment.  (If that's you - no worries, there are tons of No Money Down Home Loans!) Wanted to Buy a home but they worried that … [Read more...]

Good Credit Advice

First off... let's discuss what Secured Credit is. A Secured Card requires you to make a deposit in order to obtain the credit card.  If you are doing this - you are either a parent with a young child that needs a credit card - or you are re-building. Because there are other ways to obtain cash for a child- let's assume you fall into the … [Read more...]

USDA Student Loan Updates

USDA has long seen the benefit of a College Degree - and in fact USDA Home Loan Underwriters will use Higher Education as a "compensating factor" when a family is close on the debt ratios!  Unlike FHA and VA home loan underwriting, though, the no money down home loan programs offered through USDA COUNT deferred Student loans IN the total debt … [Read more...]