Team Move OVM Financial USDA No Money Down Purchase Experts
Most of NC, SC, GA, & Virginia are USDA Eligible
Team Move OVM Financial USDA no money down purchase loans are an awesome mortgage product. The great thing is we are one of the most experienced mortgage lenders in the area. We fully understand the USDA home loans requirements and can explain the USDA home loan eligibility. First, there is no down payment required which will help buyers overcome the most common roadblock to home ownership. Next, the interest rates offered are fixed and for 30 years. This provides buyers with affordability in addition to the safety from fluctuating rates. Finally, if you currently have a Rural Development Guaranteed Home Loan, it is possible to refinance to lower the payment.
USDA Rural Development Loan Key Features
- 30 year fixed rates
- No money down purchases to $417,000, so not just small loans!
- Low annual fee compared to FHA (the annual fee works similar to PMI)
- Lowest funding fee of government loans (effective 10/1/16)
- Borrower may own another property if out of the reasonable commuting range
- Streamline refinance programs available for borrowers currently with a USDA Guaranteed loan looking to lower their monthly payment. In addition, there is even an option for no appraisal
- Sellers may pay closing costs and pre-paids for the buyer (see maximum seller paid costs here)
- Closing costs may be financed into the loan up to the appraised value. But the appraised value must exceed the price in order to add costs not paid by the seller.
- Properties must be located in an eligible area
- The total household income must be within the county limits for household size. But, there are exceptions!
USDA Maximum Household Income Limits
To use this mortgage product, the total household income must be under the county limit. Household income means all people 18 and over which will occupy the home. So even household members that are not on the loan must include their income. There are cases when the household income can exceed the county limit though! Let us figure this for you!
Search for USDA Eligible Properties and Areas
A property must be located in an eligible area in order to use a USDA loan to purchase a home. Contrary to belief, Rural Development loans are not only for farms or very rural homes. Actually, a property with an operating and income producing farm is not eligible for these loans! Strange when this is the Department of Agriculture!
We have an easy step by step tutorial for you to use while searching for homes. So just click below to start your search.
Why USDA and Team Move?
As mentioned above, Team Move’s loan officers and processors are experts at USDA home loans and its intricacies which is so important. Additionally, we have a member who has ranked in the top 25 in America for USDA mortgages! USDA is a great mortgage product which a lot do not fully understand. While it may have its quirks, we know how to navigate through these to find out if this is right for you. To learn even more about USDA Rural Development home loans such as income and property eligibility, contact us by getting started or call us today.
Quick Links for USDA Tips
We are the one stop source for USDA tips. So check out these common topics below!
USDA File Review Status: Lenders must first underwrite a file. Next, lenders must submit to USDA for a commitment. Turn around times vary from state to state. Check for NC loan status here. Check for SC loan status here.
Avoid Appraisal Issues: Buyers, sellers, and Realtors should review these appraisal tips. The list explains how to avoid extra costs and closing delays.
Use Seller Paid Costs: Check out the maximum amount which sellers may pay towards the buyer’s closing expenses when using a USDA loan.
Well Test Requirements: Properties with a well as the primary drinking source will require a well water test. There are local labs to perform this test and the water must pass.
Refinance a Current USDA Loan: Do you have an existing USDA Guaranteed Loan? If so, it is possible to lower your rate and payment in a streamlined process. Often an appraisal is not even required!
USDA Loan After a Short Sale: A short sale is not the end of the world. So it is very possible to obtain a USDA loan if 3 years have passed after the short sale. But a buyer would need re-established good rent and other credit history.
Wilmington, Castle Hayne, Carolina Beach, New Hanover County Eligible Areas
Horry County, Myrtle Beach, North Myrtle Beach, Little River, Conway, Longs Eligible Areas
Jacksonville & Onslow County Eligible Areas
Fayetteville and Cumberland County Eligible Areas
Columbia, SC Eligible Areas
Raleigh, Durham, Chapel Hill, Garner & Surrounding Eligible Areas
Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC. North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.
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