North Carolina (NC) USDA Loans
USDA Loans in North Carolina are intended to provide lower-income homeowners with 100 percent financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to North Carolina residents in almost every NC county outside of major metropolitan areas (rural areas in North Carolina including Clay County, Columbus County, Duplin County and others).
USDA Loan Requirements and Guidelines
There are a number of requirements to qualify for North Carolina USDA Loans:
- North Carolina borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Monthly North Carolina housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in North Carolina.
- North Carolina property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
North Carolina families must be able to afford the mortgage payments, including taxes and insurance.
USDA Interest Rates
NC USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, North Carolina property being financed, etc. In general, NC USDA rates are better than average compared to other options for qualifying individuals.
North Carolina USDA Lender
Home Point Financial is pleased to announce that we now have North Carolina USDA financing. Apply now or contact the North Carolina USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in North Carolina, eligibility and more.
