The magic acronym is USDA. So, just what is a USDA loan? The US Department of Agriculture offers flexible financing for low-to-moderate income families who wish to move to purchase homes in approved areas.
Here in North Carolina, you will be surprised to learn that you can get one of these homes in Apex, Raleigh, Holly Springs, Fuquay Varina and many other nearby areas.
For example, here is a perfect example of a USDA home in Apex, NC:
|913 Homestead Park Drive, Apex NC|
Down Payment. Qualified buyers can take advantage of 100 percent financing and no out-of-pocket closing costs (closing fees can be paid by the seller or rolled into the loan).
Credit Score. Minimum 620 credit score. If you have blemished credit don’t count yourself out; the USDA is more concerned with your credit worthiness and not just your score. And here are some folks who can help you get your score up higher: Revital Credit
Rates. Use of the USDA loan gives you access to more competitive rates (yes, lower than most conventional loans).
Loan Programs. The USDA offers only fixed rate loans. In some cases, the loan term will be extended to ensure you can afford your monthly payment. For example, if your monthly payment using a 30 year fixed is too high, the USDA can extend your loan for 33 years to help you qualify.
Loan Purpose. The USDA loan can be used to finance a purchase, refinance, build and rehabilitation of a 1-4 unit home you will use as your primary residence.
Income Limitations. Your income cannot exceed 115 percent of your town’s median income. Here's a link to see the Income Eligibility in Our Area
Property Location. I will be happy to help you set up a search in one of these nearby areas. Or, let you know if you present home is in one of these areas – it is a great selling point.
Property Condition. The USDA requires the property be decent, safe and sanitary. Not like a beat-up foreclosure.
To recap: you can get a home in one of the Top 10 Best Towns to Live in the US, no down payment, no closing costs, in move-in condition with a modest income -- why are you waiting and renting?
Don't go it alone -- call me today and I'll connect you with some great lenders and send you information on more homes like this in our area. Together we will walk you through each and every step to success!
|BE SAVVY...CALL THE SMART REALTOR|
Elizabeth Scott, Realtor®, Broker
2013 Diamond Award – High Sales Volume
e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC