USDA Home Loans have "special" qualifying guidelines that prohibit folks from purchasing if you make "too much" money!
In the past, that means that if you make more than the median income for your area - you might not qualify... but some recent "tweaks" to the system will allow more folks to qualify!!
Effective Immediately, USDA is looking at income "brackets." This means that if there are 1-4 people in the household, the maximum household income for Wake County, Johnston County is $88,400! To find out more about income rquirements for YOUR area, click here.
It's important to remember that USDA mortgages also have property location requirements. There are MANY places in the Triangle that qualify for USDA 100% financing - for more information on WHERE you can purchase a home and take advantage of this type of financing, click here!
FIRST TIME HOMEBUYERS! REMEMBER!! You might qualify for a $8000 credit!!
If you are interested in purchasing a home in the Triangle, and you want to learn more about qualifying for a USDA home loan, please call Steve and Eleanor Thorne, Mortgage Loan Officers 919-694-5058
Eleanor - The USDA loan product has been a true blessing to many. It's too bad that many LOs don't seem to want to offer it as an option to the applicants. I've heard some of them even say they 'don't like doing them' because of the paperwork. Not being a loan officer I can't attest to, or deny, but I do believe that if it's offered and legal that the consumer should be made aware and given the opportunity to use it if they can.
Great loan and good to know they have adjusted the income caps.
Eleanor,
I say "tweak, tweak and let's get more people qualified for loans.
Hi eleanor - two of my closing this week were for buyers who chose the USDA Guaranteed rural housing program, and another one is closing Monday. I expect the new income guidelines to help buyers in our higher priced eligible areas now, too. This is a great loan.
Eleanor~
I am reBlogging your work as part of an on-going series I am doing. Thank you do much for this clear and concise information!
Eleanor,
Thanks for highlighting this product. It's getting much more attention, especially for those who aren't veterans, and have very little to put down toward the purchase.
Mike in Tucson
p.s. Didn't you just have a birthday? We should be singing...
Eleanor,
I think i need to take a lesson from you on short concise blogs.
Thanks for the post.
Darin
Thanks for the update! I've reblogged, lots of questions lately about USDA.
Great info as usual Eleanor! And then add to all of this the MCC $2K NC credit! What a fantastic time for 1st time home buyers!!