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There is however, a one-time mortgage insurance guarantee fee payable at closing which can be financed into the loan. The USDA Charlotte map illustrates the Charlotte USDA eligible areas where USDA 100 percent financing is available. Note that the concept of USDA financing is to serve RURAL areas.
Using a USDA guaranteed loan, a home buyer can save thousands of dollars in upfront costs by financing the full purchase price of a home and still get a 30-year fixed rate loan. There is also no PMI , but there is a USDA fee to use the program. For many first time home buyers who are strapped for cash, this program opens the door to home ownership wide open.
USDA Charlotte Southwest
You can finance a home purchase entirely, meaning home buyers are not obligated to pay a down payment. USDA Home Loans have a PMI fee that is charged by the government “upfront” that equals 1.0% of the loan amount. The USDA RD Loan program allows us to add that to the loan amount, so the USDA Loan can be as much as 101% of the sales price. Again, if the sales price is $200,000 – with the 1% USDA Upfront PMI fee, the loan amount would be $202,000. There are additional monthly USDA PMI fees that will be added to the monthly payments.

The areas shaded “pink” above represent the places you can NOT buy a house and use the USDA Home Loan program. You will notice, for instance, that Waxhaw is eligible, so is Fort Mill and Belmont – many areas qualify for the USDA Loan Charlotte NC mortgage program. With the changes being made each year, you can see that there are neighborhoods near Gastonia and Belmont that have lost the program. Each Charlotte Community has a unique ‘personality’, with varying types of subdivisions, housing, and amenities. Effective December 1, 2022, the current interest rate for Single Family Housing Direct home loans is 3.75% for low-income and very low-income borrowers. The only way you are allowed to purchase a duplex is if you buy only one of the two units.
Home Loan Programs Available In:
To get pre-approved for the purchase of a home, give us a call today or fill out an online inquiry from our website and we will contact you with 24 hours of your submission. Another requirement is that the home be either a single family residence, or a condo. Some other USDA lenders in North Carolina will allow mobile or manufactured, but we do not offer USDA loans for these property types. The North Carolina USDA loan is a home loan that is backed by the U.S. Department of Agriculture and falls under the single-family housing program. The loan product was designed for low to moderate-income families in rural areas.
Once you have a USDA loan from the original purchase of your home, you may be able to streamline refinance on future loans. This is the equivalent of the FHA or VA streamline programs, and is an incredible refinance product. The USDA streamline refinance provides an easy way to quickly reduce your mortgage payment. You do not have to submit any documentation for your job or income, and no credit check is required.
Additional Features Include
We specialize in Charlotte USDA homes and the USDA loan program. The USDA loan program offers 100% financing for homebuyers in Charlotte, among other areas near and far. USDA loan program – When people think of the USDA, the first thing that usually comes to mind is agriculture and food, not housing.
Upon receipt of a complete application, RD will determine the applicant’s eligibility using verified information and the applicant’s maximum loan amount based on their repayment ability and the area loan limit for the county in which the property is located. Credit Requirements– A minimum credit score of 620 is required to get a USDA loan. Occasional exceptions are made, but this is the standard credit requirements for the guaranteed loan program. Some lenders are known to accept lower credit, but we have a minimum 620 requirement. The property must be located within the charlotte are usda rural map footprint. Lot size 50×150, accessible front driveway and back entrance.
Charlotte NC USDA Rural Development Loan Program Overview
Don’t listen to folks who are on a “credit board” or a loan officer who doesn’t know what the USDA Loan Underwriters for Charlotte will take. For instance, in NC, the statutory limit to go after a Collection account is 5 years. We CAN get your loan approved with an old “outstanding” collection account that isn’t paid off yet.
GE Profile stainless steel appliances, granite countertops, and full overlay cabinets will make the kitchen a delight. Tucked away down the hall is a private study where you can get work done in quiet. The master suite windows and separate sitting area let in a ton of natural light. Off the master bath there's not one but two large walk-in closets. Your secondary bedrooms have their own walk-in closets as well, providing plenty of storage space.
Programs, rates, terms and conditions are subject to change without notice. The easiest way to find the areas in North Carolina that are USDA eligible is to use the USDA eligibility map. Once on the USDA website, the address will need to be entered, and the map will tell you if the property is eligible.
We offer usda loans in nc and sc with up to 100% financing and no down payments. Find 2194 listings related to usda home loans in charlotte on yp.com. See how you qualify for the usda home loan program charlotte nc real estate. As with other mortgage loan programs, USDA loans include a mandatory waiting period for borrowers who have been through a bankruptcy, short sale or foreclosure.
If a move-up homebuyer currently owns a home, they must sell it prior to closing on their new home that has a USDA mortgage. There are several suburban Charlotte USDA homes communities offering some of the most luxurious and desirable locations, neighborhoods and lifestyle amenities available in metro Charlotte. Experience a relaxed lifestyle, great shopping, and excellent schools. These USDA Charlotte suburbs are great places to raise a family.

Applicants with assets higher than the asset limits may be required to use a portion of those assets. Borrowers are required to repay all or a portion of the payment subsidy received over the life of the loan when the title to the property transfers or the borrower is no longer living in the dwelling. Higher Loan Limits– While other loans such as FHA, VA, and conventional loans have strict loan size limitations, there are no such loan limits placed on USDA loans. This means that if you qualify, you might be able to get a nicer home with a USDA loan than a FHA other other type of loan. No Down Payment– What is possibly the single most well known benefit of a USDA loan is that they do not require any down payment.