Zero Down USDA Rural Development Home Loan Program Helping Buyers and Rural Development Locally
By: Katie Dunkle, Client Coordinator
The credit industry is certainly tightening its belt and securing financing is a challenge for even the most credit worthy. So what do you do if you want to take advantage of the extraordinary buyers market we are experiencing but you do not have the 5-20% down lenders now require?
A USDA Rural Development Housing Loan might be the answer for you. Although these loans have been around for a while, you may not know about it. The program is offered by the Rural Housing Division of the US Department of Agriculture to encourage development in more rural areas. Locally, buyers can find qualifying homes in the Wake Forest, Wendell, Fuquay-Varina and Holly Springs areas as well as in Granville, Franklin, Johnston and Chatham counties.
The benefits of a USDA Rural Development Home Loan are:
- No down payment required
- NO mortgage insurance required
- Flexible credit qualifying
- Reasonable debt to income ratio allowances
- Strong fixed rates
- Possible to finance up to 100% of repairs (perfect if you are looking for a fixer upper.)
For information about eligibility, visit the USDA Income and Property Eligibility webite or, call me at 919.573.6150 for a list of mortgage consultants.
For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!
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Hi, recieved some information from a Ms. Dale T. Darroch in Raleigh and she told me to contact you’all about getting a house up there. So, would it be possible for you to send me an application for the usda rural development. I would like to relocate there. I’m orginally from Franklin. So, if you could direct me in the right direction so I can recieve an application, it would be greatly apprieciated.
If you have the application you can send it to me at;
David L Brakefield
15625 NW 2nd Court
North Miami, Florida 33169
Thank you for taking the time to read this, Best regards, David
Thanks for your inquiry. I am glad to hear that you will be returning to the Tar Heel State! I recommend you contact Sabrina Schell with Southeastern Mortgage for questions about the application process. She is very knowledgeable about this USDA loan program and will be a valuable resource to you as investigate your options. You can reach Sabrina at Sabrina@southeasternmortgagenc.com or by phone at 919.571.2505. I will let her know that you may be contacting her. Have a great weekend!
I am a local, I’ve been living with my uncle for about two years now. The reason I’m in Florida is because I’m taking care of my elderly mother. So, that’s why I’m asking for an application to be sent down here. So, if you can or would could you please send me an application. Thanks David L Brakefield
the USDA loan is one of the very best forms of 100% financing. the borrower can finance up to 100% of the property’s purcahse price or
appraised value ( to roll in repairs and/or closing cost) .
there are income limits and property requirements involved, but qualifications are very modest for credit. I will be happy to advise if you want to contact me directly
sabrina@semnc.com
David, I forwarded your request for information regarding the USDA Rural Development Loan Program to Sabrina Schell, mortgage loan specialist, with Southeastern Mortgage. Sabrina has told me that she put some information about the program in the mail to you and I hope that you have received it. There is another program that you may be interested in and it can be used in conjunction with the Rural Development Home Loan, it the First-Time Home Buyer Tax Credit.
The First-Time Home Buyer Tax Credit provides a tax credit of as much as $7,500 for homebuyers who have not owned a home at any point during the past three years. This is a great opportunity for those who qualify to take advantage of today’s low interest rates and ample inventory of homes for sale, all while saving on their federal income taxes! It’s like getting a $7500 loan, interest free for 15 years! Certain income limits do apply and you must purchase your home before July 1, 2009.
Other great options for folks who find the property they love but it is not located in an area approved for the USDA program is the NC Housing Loan Program and their down payment assistance program. Taking advantage of these, many buyers can realize their dream of homeownership with a very minimal down payment. As with most loan programs, there are income and property limits.
If any of these programs interest you and you’d like more information, please contact me directly at 919.573.6150 or info@buyersadvantagegroup.net.