North Carolina is a state of varied terrain including mountains, beaches, lakes, countryside, and big cities. Also the Tar Heel state has a variety of different borrower types. But a common request across ALL of NC is how to purchase a home with no down payment. Well, USDA Loans NC offer no money down financing when buying a principal residence. We mention several times on this site that a common misconception is USDA loans are for farms. Or many think that it is only for low income buyers. Neither are true! USDA is a lending option in most NC cities including all or parts of Wilmington, Leland, Sanford, and more. Plus USDA household income limits are very liberal as well. Learn how USDA income limits work.
USDA Loans NC Approval Turnaround Time
In the past, NC Rural Development Guaranteed loans have taken up to 30 days to get approved. Luckily most of the time USDA loans NC run around a day to two weeks for USDA loan commitment. Keep in mind that this turnaround is on top of normal lender underwriting turnaround. The reason is USDA requires their review and commitment prior to a lender closing. Unlike other government loans, there is this period of silence in USDA loans. Basically the period between submission to USDA and receiving the actual commitment. Lenders are not able to check on a USDA loan commitment status. So USDA has a phone number to call. Actually anyone may call to see which day’s files they are reviewing.
There is an exception to lenders checking on a USDA file status. That is once the USDA hotline recording says they are working
on files received a day after the file submission in question, lenders may then check on the file status. There are no rush requests period with USDA! So don’t ask.
North Carolina Consistently Ranks as a Top USDA State
The USDA Guaranteed Rural Housing Program in their Fiscal Year 2014 helped 139,824 rural Americans families purchase homes! We are so proud to have done our small part in the program’s success! The number one state for obligations in Fiscal Year 2014 was Texas, which of course is very large and has a lot of qualified areas. Our team focuses mainly in NC, SC (#11 in volume), and VA (#9 in volume).
- North Carolina #2 USDA State
- Tennessee #3 USDA State
- Florida #7 USDA State (coming soon)
- Virginia #9 USDA State
- South Carolina # 11 USDA State
USDA Loans NC
These numbers confirm why USDA Loans NC are so popular. We are very proud to offer this among other programs that helps first time and move up homebuyers purchase a home with a great monthly payment and no money down. In NC, remember that we may be able to coordinate an MCC tax credit up to $2000 per year for qualifying first time buyers.
Learn more about North Carolina: Resources for Moving to NC
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.