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...]

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...]

Clean Credit Requirements and USDA Home Loans in NC

“Clean Credit” is a slang term used OFTEN in mortgage lending. It refers most often to someone who has 12 months with no late payments.  But it’s not just late payments, it also refers to 12 months with no new collections filed against you.  12 months with no judgements of liens filed on your credit report. 12 months with no one writing … [Read more...]

USDA Home Loan Requirements in North Carolina

In North Carolina, we are lucky that that are so many places to live where you can have a white picket fence, or an outbuilding... not everybody wants to live in a cookie cutter neighborhood!  The good news is that for most of those "less urban / more rural" parts of NC, you can buy a house with no money down, using the USDA RD Home Loan … [Read more...]

USDA Home Loan Underwriting Updates

USDA is quickly becoming one of the Country's most popular mortgage loan programs, and with that, the USDA Rural Development Offices are getting backlogged!  In the past 2 months, NC went to a "Centralized" Underwriting Process for these loans... and we are sometimes seeing 2 week turn times with USDA Underwriting, and sometime a little longer. … [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...]