USDA Rural Development Switching Underwriters

USDA Rural Development Single Family Housing announced some consolidation and changes regarding WHERE files are going to be processed. No matter who originates a USDA home loan, it is re-underwritten (or processed) through a local USDA office. In the past, loans for Wake County went to Wake, Johnston County went to Sanford and Franklin County went … [Read more...]

USDA Home Loans have PMI?

USDA loans are the coolest loans on the planet right now, and most people don't understand that it has a form of mortgage insurance... Mortgage Insurance does not pay your mortgage off when you die (well, maybe there's a kind that does, but that's not what I'm talking about).  The PMI-type mortgage insurance is default insurance. It covers a small … [Read more...]

Johnston County Qualifies for USDA Home Loans

In many NC Counties, you have to check the USDA website to make certain that the property you want to purchase is located within the USDA "footprint."  But if you are buying in Johnston County - you're safe!  The WHOLE COUNTY qualifies for USDA 100% No Money Down Home Loans. Now all you have to check is your income - to be certain you are not OVER … [Read more...]

100% Mortgages in Wake County??

We've had TONS of calls this week from folks wanting to know if we still have money to lend for homes in the Triangle!  YES!  We even have 100% loans available. Unless you are a veteran - in which case you qualify for a VA loan - most folks looking for 100% financing are choosing USDA. We've written about most of the qualifying "quirks" of the … [Read more...]

USDA Western Wake County

We found this VERY cool map that shows exactly where you can purchase a home in Western Wake County using the 100% USDA program!  As you can see, if you are on the "left side" of Ten Ten, in Holly Springs, or Fuquay - or parts of Apex, you qualify for this 100% program! The "mortgage insurance" for USDA is considered a "funding fee" and is 2% … [Read more...]