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Charlotte North Carolina USDA Rural Development GUARANTEED Rural Housing Mortgage Loan

USDA Program Overview for Charlotte area home buyers:

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.

Eligibility 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.  NOTE: 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 $480 for 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 
  • 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 down payment 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

    USDA Loan Program Advantages:
  • Loan closings within normal time frame. Lenders control the closing.
  • Loan up to appraised value plus the guarantee fee.
  • Include closing costs/repairs/renovations in the loan.
  • No monthly mortgage insurance (MI).
  • Maximum loan amount is 100% of the appraised value plus the one time guarantee fee
  • No cash contribution or cash reserves required from applicant.
  • Non-traditional credit allowed.
  • No minimum credit score.
  • Repayment ratios are 29/41. 
    • Ratio waivers are allowed with documented compensating factors.
  • Not limited to first-time home buyers.
  • Fixed interest rates with 30 year term.
  • Any lender can originate loans through an Agency approved lender.

Rural Development provides support for questions, training, and outreach assistance. 

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 USDA rural area, fill out the form below for further assistance. 

You may also call us at 704-965-3319 or Apply Online to see if you qualify for USDA Loan Program. 


Helpful Links:


Charlotte NC USDA Home Loan Guidelines


USDA Homes For Sale


Apply for USDA Home Loan



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Trena Miller

Pruitt Miller Realty Group
Charlotte, NC 28262

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Trena Miller | 704-965-3319 | Contact Us
10130 Mallard Creek Rd #300 - Charlotte, NC 28262
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