Tag Archives: USDA home loan updates

  • Site Requirements To Know Before Using A USDA Loan

    USDA will not allow a property to have income producing buildings or farmland. You would think that The US Department of Agriculture would be okay with this, but they are not for their Rural Development program. Here are the USDA site requirements to consider when planning to apply for a USDA loan. USDA Site Requirements …

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  • USDA’s Updated Guidelines for Properties With Swimming Pools

    Anyone familiar with the old guidelines for USDA and their requirements for swimming pools, knew you must get 1) A Pool Waiver as part of the USDA review process and 2) No value of the pool must be given unless it is above the purchase price.  Now with the December 2014 changes to the USDA …

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  • Don’t let your closing get tanked by an abandoned UST!

    UST sounds like a disease, doesn’t it?  Well it can cause major issues on a purchase.  If the home being purchased has an abandoned underground storage tank (UST), and the buyer is using a VA or USDA, the tank must be inspected by a qualified environmental engineer who will comment on the tank and surrounding area …

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  • Maximum Income Limits for Popular Low Down Payment Loans

    97% MyCommunityMortgage Maximum Income: Based on household income of everyone 18 and over.  Household income means anyone who will live in the household, whether on the mortgage loan or not Learn more about the MyCommunityMortgage USDA Maximum Household Income Limits: Based on household income of everyone 18 and over, whether on the mortgage or not.   Broken [...] More  →
  • Do You Know the Minimum Credit Score for USDA Loans? It’s Not That High!

    When it comes to first time home buyers and repeat buyers looking for a no money down home purchase, you need to check out a USDA loan. Not only do USDA loans finance 100% of the purchase price, there are so many other benefits. These benefits include the lowest funding fee compared to other government [...] More  →
  • USDA new ineligible areas effective February 2, 2015

    In North Carolina, eligible rural areas for USDA housing programs will be adjusted in certain areas on February 2, 2015. New ineligible areas will include: Areas adjacent to the current ineligible area of Jacksonville, NC; Greenville, NC; Rocky Mount, NC; Goldsboro, NC; Raleigh, NC; Greensboro, NC; and Charlotte, NC. On December 16, 2014, President Barack …

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  • USDA Pilot Refinance Program Available For NC Home Buyers

    USDA has a little known, unique refinance product called the USDA Pilot Refinance Program. This program is available to borrowers that currently have a USDA guaranteed loan and are looking to lower their rate and payment through a refinance. The USDA Pilot Refinance program allows for a borrower to refinance without an appraisal through a streamlined …

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  • New 100% products with higher down payment assistance with zero interest and payments for NC buyers

    One of the most popular questions we hear is what kind of programs are there with 100% financing and the answer has been VA and USDA.  But now, NC Housing Finance Agency has announced that the Down Payment Assistance amounts available for buyers have increased to give first time or move up buyers 100% or more [...] More  →
  • usda loan credit requirements

    USDA Loan Credit Requirements Make It Easier to Buy a Home

    The US Department of Agriculture (USDA) offers a mortgage program that provides home buyers with the ability to purchase a home with no money down at a fixed interest rate. This loan is available for both first time home buyers and subsequent home buyers! Although there are USDA income limits and property eligibility requirements to [...] More  →
  • All of Brunswick County, NC is approved for 100% financing through USDA Rural Development Guaranteed

    All of Brunswick County, NC is USDA eligible A very popular mortgage loan in Brunswick County, NC is USDA Rural Development loans and this is proven by NC recently being the #2 state in loan volume for USDA loans!  In order for a buyer to use USDA 100% financing up to $417,000, the property must [...] More  →