Rural home Loans
Ever since the 1980’s North Carolina has been one of the fastest growing states in the nation. Large North Carolina cities like Charlotte and Raleigh are some of the fast growing cities in the country. With this rapid development all throughout the state, many areas that were once rural 20 years ago are now part of sprawling cities and suburban communities.
If you’re looking to get away from the hustle and bustle of “Big city living”, and want a property with a little more land and open spaces, you may want to consider asking your lender about a North Carolina USDA rural home loan. Not only are USDA rural housing loans one of the best kept secrets in the mortgage industry, but they are specifically designed for struggling middle to low income families who may be having difficulty getting a home loan.
Best Kept Secret
There are a few reasons why USDA rural home loans are one of the best kept secrets in the mortgage industry. First of all, not many people associate great deals on home loans with the United States Department of Agriculture. While this program isn’t necessarily new by any means, it is only now starting to gain more widespread attention as it has become harder and harder to get approved for conventional home loans. Secondly, because the recent trend over the last 50 years has been for rural citizens to flock to developing nearby cities and suburban communities, the interest in rural real estate loans has not been that widespread. However, over the last 10 years this trend appears to be changing as more and more people are getting tired of city life, and long for more simpler and beautiful surroundings.
USDA Rural Home Loan Benefits
USDA Loans in North Carolina offer a ton of benefits that you won’t find in a traditional mortgage program. First of all, USDA rural home loans require absolutely no down payment and come with up to 102% financing. USDA home loans is actually one of the last remaining mortgage programs in America that requires absolutely no down payment. USDA rural home loans are available for both new and existing properties, come with low fixed interest rates, and offer some of the most flexible credit guidelines out of any other home loan program. Even if your credit is not perfect, USDA lenders will do everything they can to work with you, to get you into the rural house of your dreams.
Eligible North Carolina Rural Properties
In order to qualify for a USDA rural home loan, your property must be located in a USDA eligible rural area. USDA eligible rural areas vary from county to county, but are generally any area that is predominantly rural, or any small community with less than 20,000 people. This means that a decent proportion of eligible rural properties are not even located in rural areas at all, but instead small suburban communities with smaller populations. There are actually tons of nice USDA eligible properties in Durham, Greensboro, Wilmington and Asheville that are all USDA eligible. For more information on whether you qualify please contact your USDA home loans lender.
