USDA Map Changes in Wilmington, Ogden and Leland NC

The USDA Map Changes in Wilmington, Ogden and Leland NC are pretty significant.  We knew that many neighborhoods would lose the ability to offer the USDA Home Loan program when the maps change in October of 2013 – but we just didn’t know how big the change was going to be, until we were able to actually see the USDA Eligibility Map changes earlier this month.

Why are the USDA Map Changes in Wilmington, Ogden and Leland NC a big deal?  Well, USDA Home Loans are the cheapest mortgage loans offered right now.  They have very low monthly USDA PMI charges (especially when you compare them to FHA PMI Rates in Wilmington ) and they require ZERO down payment!  You can also use the NC Affordable Housing Grant program with a USDA Home Loan, and the MCC Tax Credit.

The basic qualifications for USDA Home Loans in NC are:

  • The Home must be located within the USDA Eligibility “footprint”
  • Credit Scores need to be at least 620
  • The Household gross income for Wilmington, Ogden and Leland can be no higher than
    • Family of 1 – 4 members $74750
    • Family with 5 or more members $98650

The shaded areas on the map below do NOT qualify as being within the USDA ELigibility area, but everywhere else does.  You can clearly see that TODAY all of Leland, and much of Ogden qualifies for the program:

CURRENT MAPS ogden_and_Gordon_Road_USDA_Maps
The map below reflects the changes expected to come on October 1, 2013. Notice the massive difference in the shaded areas! That’s why I said the USDA Map Changes in Wilmington, Ogden and Leland NC are significant!


You’ll notice that the entire Leland area is currently within the Eligibility area for USDA Home Loans. At the end of September – that’s changing.

There’s rumor that the Senate will grandfather these changes until 2020… however, the HOUSE is holding up all Farm bills, and the movement on any legislation through the House is very difficult to cut through.

The USDA Home Loan gives you a unique opportunity that you cannot get with any other type of loans out there. No Money Down Home Loan with relatively low closing costs. Because of this we believe the USDA Home Loan gives you the cash to close advantage!

I read years ago that the average amount of cash needed to close a USDA Loan was in the range of about $575. If you were to compare that to FHA or Conventional financing, that is a difference of several thousand dollars; maybe even tens of thousands of dollars at closing.

Our advice? If you are considering a purchase in the Wilmington, NC area – we think you are going to get the best deal acting NOW. We are definitely seeing higher mortgage rates this summer, and that is translating in many neighborhoods to higher sales prices.

If you are considering a no money down home loan, or you need more information about the USDA loan closing costs, call Steve Thorne 919 649 5058 – we do dozens of these mortgage loans each month in NC! USDA Loan Frequently Asked Questions


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