Union County NC Home Buyers—100% Financing Available with USDA Loans
Do you want to buy a home in Union County NC but don’t have money for a down payment? Here is some good news. There may be a way for you to buy a home without down payment money. USDA loans with 100% financing are available in some parts of Union County for some borrowers.
This is what you need to know about USDA financing.
What is a USDA loan?
- USDA stands for the United States Department of Agriculture. These loans are part of the USDA Rural Development Loan Program.
Who is eligible for a USDA loan?
- The property you wish to buy must be in an area considered to be rural and therefore, eligible for the loan.
- The borrower must fit within certain income guidelines to qualify for the loan.
What are the benefits of a USDA loan?
- The amount financed can be up to 102% of the appraised value of the home.
- There is no private mortgage insurance required. A required 2% guarantee fee can be paid by the seller or financed by the buyer.
- There is no limit on seller contributions for closing costs.
- Income and debt ratios are 29/41 with exceptions for compensating factors.
- A non-occupant co-borrower is permitted.
Who can use a USDA loan in Union County NC and where can it be used?
- The income cap for one borrower is $76,000 per year.
- The USDA website includes a map of areas eligible for these loans. Union County home buyers can use the USDA loans generally in areas east of Indian Trail and Monroe and south of Wesley Chapel. Eligible areas include parts of Waxhaw, Mineral Springs, Unionville and beyond.
Want to know more about 100% financing in Union County NC? Click here to contact me about your eligibility for one of these loans.
Copyright 2010. Carol Fox. Allen Tate Realtors. *Union County NC Home Buyers—100% Financing Available with USDA Loans*
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