Charlotte North Carolina USDA Rual Development GUARANTEED Rual Housing Mortage Loan

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USDA Program Overview for Charlotte area homebuyers:

This program is administered by USDA Rural Development, which serves the public through
more than 800 field offices nationwide.  Sometimes good credit and a steady income are
not enough to qualify for a home loan at a commercial lending institution, such as a bank, savings and loan or mortgage company. More rural families and individuals may be eligible to become homeowners with the help of a USDA guaranteed home loan program.

When the federal government agrees to guarantee a loan, lending institutions can help buyers while incurring less risk. Through USDA’s Guaranteed Rural Housing Loan Program, low to moderate income individuals can qualify for mortgages even without a down payment.

Eligbilty Requirements:

• You must have an adequate and dependable income;
  
• Be a U.S. citizen, qualified alien, or be legally
  admitted to the United States for permanent
  residence;
• Have an adjusted annual household income that
  does not exceed the moderate income
  limit established for the area.

*A family’s income includes the total gross income of the applicant, co-applicant and any other adults in the household. Applicants may be eligible to make certain adjustments to gross income such as annual child care expenses and $480for each minor child in order to qualify.

• Have a credit history that indicates a reasonable
  willingness to meet obligations as they
  become due;
  
• Have repayment ability based on the following
  ratios: Principle, Interest, Taxes, and Insurance
  (PITI) divided by gross monthly income must be
  equal to or less than 29 percent. Total debt divided by gross monthly income must
  be equal to, or less than, 41 percent.
  

Homes That Qualify:

Guaranteed loans can be made on either new or
existing homes;

Existing homes must be structurally sound,
functionally adequate, and in good repair;

There are no restrictions on the size or design of
the home financed;

The home must not be used for income-producing
purposes;

Homes must be located in Charlotte NC rural areas. Rural areas
include open country and places with a
population of 10,000 or less and—under certain
conditions—towns and cities with
between 10,000 and 25,000 residents.

Highlights of the USDA Guaranteed Rural Housing
Loan Program:

Loans may be for up to 100 percent (102 percent
if the guarantee fee is included in the
loan) of appraised value or for the acquisition
cost, whichever is less;

No downpayment is required; and mortgage rates are 30 yr fixed;

Loans may include funds for closing costs, the
guarantee fee, legal fees, title services, cost of
establishing an escrow account and other prepaid
items, if the appraised value is higher
than sales price;

Sellers may contribute to the buyer’s closing costs;

Buyers must personally occupy the dwelling
following the purchase;

Loans may be made to refinance either existing
USDA Rural Development Guaranteed
housing loans or our Section 502 Direct housing
loans;

For purchase loans, a one-time guarantee fee equal to 2.0 percent of the loan amount is
charged to the lender. The charge for refinance loans is 0.5 percent.  Typically, the lender passes on this expense to the borrower as a closing cost. After the one-time fee is paid, there is no
recurring monthly expense charged for guaranteeing the loan.

We’re here to help Interested home buyers with the USDA loan program here in Charlotte NC. To learn more about a USDA home loan program, to find out how to apply for a Rural Development Loan or to determine if a property is located in an eligible rural area, please fill out the form below. Someone will contact you within 24 hrs. Or you can Apply Online