100% USDA Loans Are Available Again!

Funding for USDA 100% financing ran out a few months ago. But, it’s back!

It is official as of today….the rural housing mort­gage program from the United States Department of Agriculture (USDA) is back.  Yes, the same people that certify our beef at the grocery store offer a mortgage program.

The USDA Rural Housing program is an excellent mortgage program helping buyers obtain the home of their dreams.  Included in the USDA approved areas is almost 3/4 of the Lake Norman area including Mooresville, Troutman, Terrell, Sherrills Ford, Catawba, Denver and Stanley. Mecklenburg County is not eligable for USDA funding.

Features include:

• Little or no cash out of pocket at closing
• Seller does not have to pay closing costs & pre-paids  (easier offers)
• Super-low monthly payments
• Can afford more of a home with less of a payment
• YOU CAN AFFORD TO BUY A HOME!!!!!

Here are a few things to remember about USDA 100% loans:

• There is a 3.5% USDA fee that can be rolled into the loan amount
• There is no monthly PMI
• USDA loans are only good for a primary residence
• USDA loans are income capped based on the county
• A minimum 620 credit score is required
• Only certain homes qualify for USDA loans, depending on location

Here is a link to the USDA website where you can check an address to see if the home qualifies as a candidate for a USDA loan.

https://eligibility.sc.egov.usda.gov

Program homepage: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1

If need help finding a lender for a USDA loan please contact us. Or give us a call at 866-LakeNorman (866-525-3667).