If you’re dreaming of a home in an area with warm weather and beautiful landscapes, North Carolina may be the state for you. It’s one of the fastest-growing states in the United States, and with the USDA home loan program, you could be one step closer to affordable living in the Tar Heel State.
USDA loans are awarded by the U.S. Department of Agriculture from the USDA Rural Development Guaranteed Housing Loan Program. They offer 100 percent financing with no downpayment required and low mortgage insurance rates. This article will cover everything you need to know about USDA home loans in NC.
In North Carolina, there are three types of USDA loans available to residents:
In general, USDA loans are more affordable than other loans. That’s because USDA loans provide 100 percent financing for borrowers with no down payment required, unlike conventional and FHA loans.
However, some borrowers believe USDA loans are stricter than other loan types due to eligibility requirements. The essential requirements are income and property eligibility. Luckily, several rural areas in North Carolina may qualify for USDA loan property eligibility. Areas that are not eligible are around major cities like Charlotte and Raleigh.
There are several ways you can use or benefit from a USDA home loan in NC. These include:
If you're planning to buy a home in North Carolina, working with a mortgage broker is the best way to simplify the process and get a great deal.
At Mortgages by Jill, we’re here to help you secure the financing you need to make your dream home a reality. Start your mortgage loan application online now. You can also schedule a consultation by calling 336-740-9068 or through our contact form, and get started on your journey to homeownership.
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