Common questions and answers about the USDA loan program
Yes. Your income should within the allowable USDA program income limits for the USDA loan program.
No. This program is limited to USDA program eligible areas in and around Charlotte
With this program, you can purchase a new or proposed home construction, an existing home (including qualifying foreclosures and REOs), a modular home, a condominium (if it meets the standards for Fannie Mae, Freddie Mac, VA, or FHA), a townhouse ( Same as condo – a town home must have provisions for maintenance such as HOA) or a new manufactured home. For new and existing homes with private well water, a water qualify test must be performed to ensure it meets local and state codes
The amount you can borrow will be determined by your lender and will be based on your repayment ability and the appraised value of the home.
Monthly payments for a mortgage include principal, interest and the monthly cost of real estate taxes and insurance. Your lender will provide you with an estimate for your monthly mortgage payments based on the home you want to purchase.
No. however there is a one-time guarantee fee charged by USDA that can always be financed into the loan.
There is no maximum except as limited by the appraisal and your repayment ability.
Your lender will ultimately make the decision whether or not you qualify for this program. Lenders are permitted to use non-traditional credit reports or verify creditworthiness with alternative types of credit such as utility payment records, rental payments, insurance payments, cable television, telephone bills, child care payments etc…
Closing costs and repairs can be financed up to the appraised value.
Yes, you must provide two years earnings statements indicating your income level. See your lender for more information.