Homes-By-Holmes Real Estate
19 Main Street
Franklinton, NC 27525
919.422.7630
Purchase your new home with a true no down payment home loan option from USDALoans.com! The USDA has a series of loans, grants, and benefits for Rural Communities and the individuals that live in rural areas. These USDA loans include Business Loans and grants, Single Family and Multi Family Housing Loans and Grants, and Community Facilities Loans and Grants. The USDA Rural Development provides these loans to help improve the lives and economy of individuals who live in rural America.
There are certain eligibility requirements that must be met in order to obtain a USDA loan. Our Specialists understand these requirements explicitly, and can help you quickly determine your level of eligibility for a mortgage. Contact us today to learn more by filling out our short form.
Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home is located in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing. There are few loan options that permit no down payment - do not miss out on your chance for home ownership.
Grants for Community development are also available. These grants may be used to help in the revitalization, enlargement, and construction of community facilities. These facilities may include but are not limited to health care, public safety and public services. The funds are generally used for special initiatives such as Native American communities, federal government child care centers for the welfare-to-work initiative. USDA's loan program is often the best mortgage option for a home buyer residing in a qualifying area who does not have military experience. No mortgage insurance payments. Unlike an FHA guaranteed home mortgage, a USDA Rural Development home loan does not require expensive mortgage insurance premiums to be paid by the borrower. That means more money can go toward the mortgage payment each month. Competitive 30 year fixed interest rates. With the guarantee of the U.S. government, a lender can offer the lowest interest rates to qualified individuals and families. Flexible credit guidelines. Borrowers must still provide a credit history report. But the flexible guidelines allow potential homeowners with spotty or bad credit to still qualify for a home loan. No maximum purchase limit. The USDA Rural Development program has no maximum purchase price limit. However, a lender will still determine the maximum amount of loan each applicant is eligible for based on ability to repay. Home repairs can be included in loan. Looking to purchase a "handyman special" home? Homes that need refurbishing or rehabilitation may qualify for extra funds to be included in the home loan mortgage to go toward repair costs.
Benefits of USDA:
No Down Payment Required. Borrowers who qualify for a USDA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment. That means a borrower can finance up to 100% of the appraised home value. Or, a borrower can have a gift or grant go toward a down payment with no money out of pocket.
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Credit Requirments: When considering a VA Loan, there are many guidelines that designate eligibility. Before getting started on the process, it is important for a potential borrower to understand all of the requirements associated with a VA Loan. Although all VA Loan guidelines will need to be explained by a lender, here is a sampling of what to expect:
VA DOES NOT DO THE FOLLOWING:
VA Loan Guidelines Explained
Eligibility Guidelines
Occupancy Guidelines
Income Guidelines
Debts and Credit Guidelines
Benefits of a VA Loan
Equal opportunity for all qualified veterans
No down payment (unless required by lender or purchase price is more than property's reasonable value)
Buyer is informed of reasonable value
Negotiable interest rate
Ability to finance the VA funding fee
Closing costs that are comparable with other financing programs (and maybe lower)
No mortgage insurance premiums
An assumable mortgage
Right to prepay without penalty
For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder
VA assistance to veteran borrowers in default due to temporary financial difficulty
VA cannot guarantee that a lender will provide you a loan. VA cannot compel a lender to make a loan that would violate their lender policies or VA income and credit standards.
VA cannot guarantee that a home is free of defects. It is the veteran's responsibility to assure that he/she is satisfied with the property being purchased. The VA appraisal is not intended to be an "inspection" of the property. A veteran should seek expert advice (a qualified residential inspection service), as necessary, BEFORE legally committing to a purchase agreement.
If you have a home built, VA cannot compel the builder to correct construction defects, although VA does have the authority to suspend a builder from further participation in the home loan program.
VA cannot guarantee that a veteran is making a good investment.
VA cannot provide a veteran with legal services.