USDA Home Loans

For those of you who want to live in or near a rural area, then there is a great opportunity through our great government. The United States Department of Agriculture (USDA) Guaranteed Rural Housing (GRH) loan program offers a conventional 100% loan; meaning zero down payment! In addition, there is no requirement for mortgage insurance or cash reserves. USDA Home Loans are the way to go. Here are some of the benefits:

• No first-time homebuyer requirements
• Eligible in rural areas with a population of 20,000 or less
• 103.5% loan to value financing (3.5% Guarantee Fee included)
• No mortgage insurance needed
• 30-year fixed rate
• No financial reserve requirements
• Income limitations vary per applicable city or area
• Seller can contribute up to 6% of the sales price towards your closing costs 

While USDA home loans have no monthly mortgage insurance (insurance collected to protect the lender), there is a one-time, upfront 'guarantee' fee that can also be financed into the loan, thus bringing the loan amount to 102% of the home cost.

However, there are certain specific requirements for this loan, both for the borrower and for the location of the property. The borrower must not have the means for the down payment on a regular conventional loan, and the borrower must plan to occupy the property. You do not need to be a first-time homebuyer. Your income cannot be above 115% of the U.S. median income, adjusted by family size.

This is a great opportunity you can't miss. The Mortgage Lender in North Carolina can service all of your mortgage needs . Start the process and find out your options for a USDA home loan today.