It's EASIER To Qualify For a USDA Mortgage Today! 5/1/09

By
Mortgage and Lending with Steve Thorne NC Mortgage Experts

USDA Home Loans R Easy!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

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
North Carolina
Groups:
Realtors®
Coldwell Banker Group
RE/MAX Active Rain Bloggers
North Carolina Real Estate
Keller Williams 'Rainers
Tags:
mortgages
usda
county
100
johnston
mortgage
wake
usda home loans
maximum income
8000 tax credit

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Rainer
212,021
Carol Smith
Casmi Photography - Mebane, NC

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.

May 01, 2009 05:28 PM #1
Rainmaker
574,232
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Great loan and good to know they have adjusted the income caps.

May 01, 2009 06:43 PM #2
Rainer
304,164
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC

Eleanor,
I say "tweak, tweak and let's get more people qualified for loans.

May 01, 2009 07:48 PM #3
Rainmaker
329,814
Karen Pierce
Karen Pierce | Mortgage Loan Originator NMLS#223305 |360 Mortgage Group LLC NMLS #155922 Austin Texas - Austin, TX

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.

May 01, 2009 10:16 PM #4
Ambassador
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ASHEVILLE 1031 PROPERTIES, your specialists for LAND and INVESTMENTS
Asheville 1031 Real Estate Investments - Asheville, NC
"Sustainable Excellence"

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!

May 02, 2009 07:15 AM #5
Ambassador
727,937
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

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...

May 04, 2009 12:41 AM #6
Rainer
42,163
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Eleanor,

I think i need to take a lesson from you on short concise blogs.

Thanks for the post.


Darin

May 04, 2009 01:26 PM #7
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Stanton Homes
Stanton Homes - Our family designs and builds custom homes for your family - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

Thanks for the update!  I've reblogged, lots of questions lately about USDA.

May 31, 2009 03:51 PM #8
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678,968
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

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!!

Jun 01, 2009 09:48 AM #9
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Eleanor Thorne

Cary Mortgage Loans 919-649-5057
I Answer Questions :)
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