#nchfa

Congress passed Tax Reform Legislation last year, that changed in some ways the mortgage Tax Deductions that are allowed.   For me, any tax reform that is an actual reduction in my taxes is a good thing. I would much rather control the expenditure of my own income than trust the federal or state government to do.  So any tax cut is welcomed, providing it actually does reduce my taxes.  Will the…

The proposed Federal Tax Reform Program, if left as it is drafted in H.R.1, will eliminate a program that helps more than half of our customers qualify to buy the home of their dreams.  We focus our business on First Time Home Buyers, and the proposed Tax Reforms from Congress that go into effect 1/1/2018 eliminates the Mortgage Credit Certificate Program (MCC) nationwide.  This program is often…

Flood Plain Properties and USDA Home Loans

In North Carolina, we don’t have a ton of properties that are sitting in a high risk of flood, but there are some properties in almost every county, with a particular concentration in the Eastern part of the State.  In some cases, the whole lot is not in the flood plain, only a portion of the lot (maybe a back corner) is in the flood prone area.  If that is the case, with the home you are…

Credit Score Requirements For Mortgage Loans

If you are interested in buying a house, we MUST view your credit.  That’s why there’s a button on the right that says, “Apply Now”.  It allows us to get a copy of your credit report and view it.  Why?  Because Credit Score Requirements for Mortgage Loans are different based upon the program you need, and if we don’t know the scores you have – we don’t know the program you need!

Additionally,…

Credit Score Requirements For Mortgage Loans

If you are interested in buying a house, we MUST view your credit.  That’s why there’s a button on the right that says, “Apply Now”.  It allows us to get a copy of your credit report report and view it.  Why?  Because Credit Score Requirements for Mortgage Loans are different based upon the program you need, and if we don’t know the scores you have – we don’t know the program you need!…

First Time Home Buyer Loan Requirements

First Time Home Buyer Loan Programs were initially provided to help those of us who don’t have 20% to put down on a home!  Now, granted there are some Conventional Loans that allow for less down payment – but they require very high credit scores, so most of those programs are for folks who are buying their 3rd or 4th house – not their very first “starter homes.”

That’s where Government Home Loan…

The Counties of Mecklenburg (where Charlotte “proper” is located) is only one of the counties that contributes housing, and a workforce to Charlotte.  Other neighboring North and South Carolina Counties, including Union County, Cabarras County, Iredell County, Gaston County and York County, SC contribute to making up the greater Charlotte Metro Area… and they all have areas that qualify for USDA Home Loans Charlotte NC. 

Charlotte’s suburbs are composed of several smaller communities, including Concord, Mint Hill, Belmont, Matthews, Indian Trail, Monroe, Mooresville and Huntersville.  Each of these Charlotte Communities have neighborhoods that are currently eligible for USDA Loans, which require absolutely no cash for down payment.

Each Charlotte Community has a unique ‘personality’, with varying types of subdivisions, housing, and amenities.  In general, you will find that neighborhoods that qualify for USDA Loans Charlotte NC are within the USDA Maps “footprint” for a less Urban, more “rural” setting.  NOT NECESSARILY A HORSE FARM – but certainly, the houses that are across from the farms, down the road from some cows – in an area where you are not likely to be walking down the sidewalk to a Harris Teeter.

What Areas Qualify for USDA Loans Charlotte NC

To qualify for a NO DOWN PAYMENT USDA Home Loan, you need to be able to meet the following criteria… two of your credit scores need to be over the 620 mark, your household income (after adjustments) needs to be under the maximum for the County you are buying in – and the house you want to buy must be within the USDA Loan Eligibility Map “footprint.”

The USDA Home Loan Maps for Charlotte NC are scheduled to change on October 1, 2014.  If the changes to the USDA Loan program go through, much of Charlotte will lose the ability to offer the USDA Loan for buyers.

Current Legislation is written to extend the deadline – but even if they extend it, the lines of where the program will no longer be available are already drawn out… which says to us, the USDA Loan maps for Charlotte, NC are GOING to change at some point in the future.

We are going to show you the areas that are CURRENTLY Eligible for USDA Home Loans in the Charlotte, NC area.  The areas that are “clear” or not shaded below are CURRENTLY eligible for no down payment USDA Loans Charlotte NC.

  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.

Below you will see the proposed “future” changes to this map for USDA Loans Charlotte, currently scheduled to change 10/1/2014.

You can see the areas below Harrisburg, Fort Mill, Belmont – many of the areas that are CURRENTLY eligible for USDA Home Loans with no down payment will no longer be eligible when the USDA Eligibility Maps change.

Here are a series of closer “looks” at the USDA Loan maps around the Monroe, Concord, Belmont, Mint Hill and Weddington / Fort Mill areas – in an effort to show you more detail in the roads, and where the neighborhoods are that qualify for USDA Loans Charlotte NC.

  How Do I Qualify for a USDA Home Loan in Charlotte, NC?

There are really only a few steps to seeing if you qualify for a USDA Loan in Charlotte NC:

The property must be located within the USDA “Rural” Map Footprint. NOTE: there’s still a deadline of October 1, 2014 – when the “footprint” for USDA Home Loans could be changing in the Charlotte, NC area.  You can see from the USDA Maps above that there are MANY MANY neighborhoods near and around Charlotte that qualify for the program.  On some of the other “Internet” sites that are done by some National Mortgage companies we noticed statements like “the USDA Loan program is ONLY available OUTSIDE of city limits.”  This is simply NOT TRUE.  If you want to know if the house you want to buy in Charlotte is going to qualify for a USDA RD Loan call us 919 694 5058, we’ll be glad to pull it up for you.

You do NOT have to be a first time Home Buyer to qualify for a USDA Loan in Charlotte.  The program is open to anyone who buys a house within an eligible area, meets the credit score and household income limits.  It IS POSSIBLE to get a USDA Loan – even if you are currently renting out a house you own in another area.  Some Loan Officers, not familiar with the program, might tell you that you can only have one mortgage (the one you are getting for your new house in Charlotte) to qualify for a USDA Loan.  NOT TRUE.  If you own another house, and you need to buy a new one, and want to use the USDA Loan program – call us.  We know the guidelines!

The NCHFA, First Time Home Buyer Programs CAN be used with the USDA Loan Charlotte NC mortgage – we want ALL of our qualifying clients to be able to take advantage of the Mortgage Tax Credit Program!  This can save you $10,000 in the first 5 years of owning a home!  It is a State of NC program available to everyone who has not owned a home in the last 3 years.  This one of the 7 things we think all NC First Time Home Buyers should know more about – because if you buy a house, and you DON’T write this program into your contract… you lose out (Did I mention that’s a $10,000 miss??).  Most mortgage Loan Officers in NC do NOT offer these First Time Home Buyer programs, because they have a higher degree of difficulty associated with them!

Minimum credit score requirements for USDA Home Loans are 620 for a manual underwritten file, and 640 for a “GUS” approval.  Folks who have significant credit issues in their past, like Foreclosures and Bankruptcies, must wait longer (usually 3 years) to qualify for a USDA Loan in Charlotte, than they would with other mortgage programs. The Credit Score requirements for a FHA Loan in Charlotte are easier to qualify for.  If you are in the high 500 credit score range – call us.  We help folks EVERY DAY that are looking to buy a house in Charlotte, but just need to do a little work to get their credit scores up.  We have a credit simulator, that tells us what you need to do to improve your score, and we are not afraid of working with someone for 6 to 9 months (or longer) to help them buy their dream home!

Student Loans COUNT for USDA Loans Charlotte NC - even if they are in deferment (those deferred loans don’t count for FHA).   We’ve done so many loans to folks with IBR and other forms of Student loans; we know the USDA Loan Underwriter stance in each circumstance. We CAN help you through this approval maze – just call us.  We quote this stuff to people (literally) all day long. 919 649 5058.

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.

The Borrowers must not be over the USDA Home Loan maximum household income for the County they wish to borrow in.  The 2014 USDA Loan Maximum household income requirements for Counties near the Charlotte Metro area are broken down into TWO different Maximum Household Limits.  Because most Loan Officers are not familiar with the slight differences in the way FHA and USDA MSA areas are broken down, be certain you are getting the correct limits based upon where you want to live.  It’s only a couple of thousand dollars difference, but for some families, that’s the difference between qualifying for a USDA Home Loan Charlotte, NC – or not.

USDA Home Loan Underwriters are allowed to look at ADJUSTED INCOME, and again, unfortunately, many loan officers just look at the chart, and don’t ask the right questions.  If you’ve been told you are “just over” the limit – CALL US!

[one-third-first]Household Income[/one-third-first]Family of 1-4[one-third][/one-third][one-third]Family of 5+[/one-third] [one-third-first]Mecklenburg County[/one-third-first][one-third]$78,800[/one-third][one-third]$104,000[/one-third] [one-third-first]Gaston County, NC[/one-third-first][one-third]$78,800[/one-third][one-third]$104,000[/one-third] [one-third-first]Union County[/one-third-first][one-third]$78,800[/one-third][one-third]$104,000[/one-third] [one-third-first]Cabarrus County[/one-third-first][one-third]$78,800[/one-third][one-third]$104,000[/one-third] [one-third-first]York County, SC[/one-third-first][one-third]$78,800[/one-third][one-third]$104,000[/one-third] [one-third-first]Iredell County[/one-third-first][one-third]$74,750[/one-third][one-third]$98,650[/one-third] [one-third-first]AnsonCounty[/one-third-first][one-third]$74,750[/one-third][one-third]$98,650[/one-third]

Buying a Home in Charlotte Now Vs Renting

Are you tired of hauling the laundry down to a dark basement, or better yet, LIVING in your PARENTS basement?  Maybe it’s time to buy a home for yourself in Charlotte, NC!

We’ve heard all of the doubts from folks who think, I am just able to save a LITTLE bit of money renting – HOW am I going to afford Home Ownership? The good news is that the USDA Loan Charlotte NC makes it possible to buy a house with virtually NO MONEY out-of-pocket!

The Seller can pay your closing costs!

The State of NC is giving away up to 3% of the loan amount to cover any other closing costs!

There’s NO MONEY needed for down payment!

So tell me again… WHY are you still renting?  20 years from now, no one is going to believe that you bought a house, with mortgage interest rates this low – and did it with so little cash needed!

For more information about  USDA Loans Charlotte NC, please contact Steve and Eleanor Thorne, NC Mortgage Experts 919-649-5058 (right here in NC, with the most ACCURATE USDA RD Loan NC information!)  You can also connect with us on Facebook , or Google Plus  to keep up to date on any changes to programs and mortgage guidelines for First Time Home Buyers and others in Charlotte NC.

Getting To The Final Mortgage Loan Approval

Getting to the final Mortgage Loan Approval reminds us of an airplane ride. Steve is kind of a “fearful” flier, and he gets understandably nervous right as he’s taking off… and then again, as the plane lands.  We know many first time home buyers who feel the same way about the mortgage process. Making loan application, getting all of the hundreds of documents we ask you to sign and gather back to…