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...]

What Does It Mean When USDA Runs Out Of Money?

Every year Congress puts funds into the USDA Rural Development "Account" for them to lend out to home buyers. It's a great program that requires no money down (for program details click here)... On March 11, 2010 Rural Housing folks announced that they will probably run out of money before the end of April.  What does that mean? Unlike FHA, VA … [Read more...]

Benefits of USDA Home Loans in Johnston County and Wake County, NC

USDA Home Loans are not just for buying farms! In fact, we don't really offer that kind of Rural Development loan!  We DO offer USDA Home Loans... 100%, No Money Down Home Loans that are insured by the USDA program! (Although if you want to use the USDA Home Loan to buy a horse farm in NC... you can!) These loans have less insurance than FHA … [Read more...]

USDA Rural Development Loans and Liquid Assets

Some borrower's we talk to have ALWAYS been good savers, and they are drawn to the USDA Rural Development Home Loan program because it allows them to keep their savings (it's a 100%, NO downpayment required loan!)!   There use to be a rule that said you could not have more than $5000 left in liquid assets after closing to qualify for a USDA … [Read more...]

Durham County USDA Financing Tips!

Part of Durham County, NC qualifies for USDA mortgages - and the qualifying guidelines have recently changed! To see maps specific to where you can find a home that qualifies for this 100% financing in Durham, click here The maximum income is calculated per family members living at home.  The current guidelines are: 1 person in household … [Read more...]

100% Mortgage Loans in Chapel Hill?

I was very surprised by just how much of Orange County, NC qualifies for USDA Mortage Loans!  Pleasantly Surprised! Granted, downtown Carrboro and Chapel Hill do not qualify - but MOST of the county does! To find out if your specific property qualifies, click here! The parts in the "shaded" areas do not qualify for USDA loans, however, all of the … [Read more...]

Maximum Income Requirements USDA in Wake County NC

The Raleigh / Cary markets are considered an MSA (Major Suburban Area??) by the Government.  So, in Wake County that's how you will find the maximum income limits specified for Wake County. These numbers changed at the beginning of the year, and the new income limits (which are based upon the number of people in your household) are as follows: 1 … [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...]

North Carolina USDA Mortgage Loans Updated 2/2012

In NC, we have some big cities... but we get rural fast!  I can't tell you how many people, dispite the cost of gas, who say, "I'm just lookin' for some land!" or "I can't stand those little 'Barbie Doll' houses sitting right next to each other!" Well, if you’re looking to buy a rural home, we can help you learn about the benefits and features of … [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...]