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...]

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...]

USDA Home Loan Credit Qualifications in NC

Good News!  You do NOT need perfect credit to qualify for a USDA Home Loan!  Whew!  This 100% no money down program requires a MINIMUM credit score of 600 - but folks, just because you have a 600 score, doesn't mean you can purchase. These days - we normally need a score above 640 to get the loan approved by Underwriters... unless you qualify for … [Read more...]

USDA Home Loan PMI Will Change 10/1/11

If you are looking for a USDA Home Loan in North Carolina - you might want to do it before the end of September!  More Rule Changes! Okay, so you don't HAVE to buy before October 1st.  It's not like the 100% no money down program is going away - it's just changing the way the PMI (which they call Guarantee Fee) is being charged.  Starting at the … [Read more...]

USDA Home Loans and Deferred Student Payments

People are moving to the Raleigh / Cary Metro area to go to one of the more than 20 Universities and Colleges we have in the area... and after graduation, they often stay in the Triangle because we have jobs.  As folks are ready to put down roots and buy a home in Raleigh, they need to know how those Student Loans might affect them when they apply … [Read more...]

Proving Housing Expense When Landlord is Foreclosed Upon

Qualifications for a USDA Home Loan in North Carolina Rental Payments / Housing Expense We just sent a letter to a consumer applying for a USDA mortgage loan about a problem with the approval... "I completely agree with you that it's not your fault that the owner of the property was foreclosed against and due to the massive amount of foreclosures … [Read more...]

USDA Home Loans and Home Inspections Don’t Mesh

Many home buyers get a home inspection prior to purchasing. We think that's a great idea, but recently, we've run into some last minute problems that you should be aware of if you are using USDA Home Loan Financing! A monster problem that we are starting to run into is that if the investor, Chase for example, knows that there is a home … [Read more...]

USDA Home Loans Near Greenville NC Pitt County

USDA Home Loans are 100%, no money down loans available for "less urban / more rural areas."  North Carolina has more areas available for this financing than most states. Pitt County, and the area around ECU, and Greenville has a TON of the county that qualifies for this great program. The property must be located in the USDA "footprint" (so in … [Read more...]

USDA Guarantee Fee Update 8/23/2010

The Single Family Housing Origination Department of the USDA Home Loan Program announced yesterday that they should have their computer systems up and running to accommodate the changes required by Congress in their fees. Since the end of May, USDA has been issuing "Conditional" approvals... and because of that, Wells Fargo, Bank of America (and … [Read more...]