USDA MORTGAGES ARE BACK IN BUSINESS

By
Mortgage and Lending with Universal American Mortgage Company NMLS 46083

USDA mortgages are back in business.  Last week USDA, or as some people call them Rural Housing, announced lenders may begin submitting new loan requests to them.  This is good news because it is one of the last 100% financing available for home buyers.

 

USDA mortgages are not a loan for everybody.  There are requirements and guidelines the home buyer must meet to qualify for a USDA mortgage.  Some of the guidelines are;

 

  1. Property location must qualify for USDA
  2. Homebuyers' incomes must be below USDA county limits which is 115% of the median income for the county
  3. Housing ratios and total debt ratios must be below USDA limits, 29% housing and 41% total debt.
  4. Home buyer's FICO score must be above USDA limits.

 

But if the home buyer has fair or better credit and a stable income this can be a great program for them.  For more information on USDA mortgages in North Carolina contact Shay Campbell.

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Topic:
Mortgage / Finance
Location:
North Carolina
Groups:
HUD RURAL Loan
Tags:
100 financing

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Rainmaker
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Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL

This is wonderful news for home buyer's if they qualify USDA loan programs are great for buyer's. Thanks for sharing this news.

Sep 14, 2010 01:15 PM #1
Rainmaker
211,937
Yvette Chisholm
Long & Foster Real Estate, Inc. - Rockville, MD
Associate Broker - Rockville, MD 301-758-9500

It is too bad that they don't have stronger guidelines for credit.   This is an easy loan for people to walk away from - they have nothing in it.

Sep 14, 2010 01:17 PM #2
Ambassador
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Renée Burrows
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com

WOO HOO best of luck to you and all of your USDA loans!  I don't know that my area qualifies. 

Sep 15, 2010 09:54 PM #3
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Rainer
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Shay Campbell

Raleigh, NC
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