Maybe we are biased by living and working in the area, but Brunswick County offers such variety on the coast of NC.  Just a quick look will see the facts prove it true though.  Choices include living at the beach, championship level golf communities, peaceful island life, country roads, or living just outside Wilmington.  Ok, maybe you knew this already but what most don’t realize is that all of Brunswick County is USDA eligible.  That’s right!  No money down USDA 30 Year Fixed financing is available for all of Brunswick County.  Also it is NOT just for small houses, very low income, or farms.  Brunswick County USDA loans lend to $453,100 on a primary residence.

Brunswick County USDA Loan Benefits

USDA loans are split into two main categories:  Direct and Guaranteed Loans.  USDA Direct loans are for low income and provide opportunity for subsidized housing payments.  Only local USDA offices offer this option. Although, this article discusses the USDA Guaranteed home loan offered through mortgage lenders.  USDA Rural Development Guaranteed loans offer 100% financing at a low 30 year fixed interest rate.  Actually, that is the only term offered. So buyers, don’t worry about adjustable rates or payments.  Additionally, couple USDA loans with very low Brunswick County property taxes, then you get very affordable living.

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USDA Low PMI and Funding Fee

When buyers put down less than 20% down payment, mortgage insurance is usually required.  Mortgage insurance is in the form of up-front, monthly, or both.  USDA loans have performed well enough so that it is able to offer one of the best options available.  The up-front funding fee is only 1% of the amount financed.  Additionally, it is automatically financed in the total loan amount.  Furthermore the mortgage insurance rate, which USDA calls an Annual Fee, is only .35%.  Compare USDA with other popular mortgage fees below.  All figures assume a 30 year fixed term and minimum down payment required for each program.

[av_table purpose=’pricing’ caption=” responsive_styling=’avia_responsive_table’] [av_row row_style=’avia-heading-row’][av_cell col_style=”]Loan Type[/av_cell][av_cell col_style=”]Funding Fee[/av_cell][av_cell col_style=”]Monthly PMI[/av_cell][av_cell col_style=”]Down Payment[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]USDA[/av_cell][av_cell col_style=”]1%[/av_cell][av_cell col_style=”].35%[/av_cell][av_cell col_style=”]None[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]FHA[/av_cell][av_cell col_style=”]1.75%[/av_cell][av_cell col_style=”].85%[/av_cell][av_cell col_style=”]3.5%[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]VA[/av_cell][av_cell col_style=”]2.15 – 3.3%[/av_cell][av_cell col_style=”]None[/av_cell][av_cell col_style=”]Potentially None[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Conventional[/av_cell][av_cell col_style=”]Typically 0%[/av_cell][av_cell col_style=”]Varies by File[/av_cell][av_cell col_style=”]3% or More[/av_cell][/av_row] [/av_table]

Brunswick County USDA Income Limits are Liberal

Yes, there is an income limit.  But USDA household income limits are very liberal.  Keep in mind, all household member income must be factored in the USDA household income limit.  So even if there is a 19 year old working a part time job while in the home, it must be counted.  It does not mean all household members need to be on the mortgage or deed.  This is just for calculating maximum household income.

Brunswick County USDA Income Limits 2018-2019

1 – 4 Person Household = $82,700

5 + Person Household = $109,150

Plus there are other ways to exceed these USDA income limits.  One way to exceed the limit is based on number of children under 18 years old.  The limit may be increased by $480 for each child. So if there are 4 people in the home and 2 are children under 18, the income limit is $83,660.  Calculate by adding $82,700 plus $960 (2 children x $480). Another way is adding documented childcare expenses such as daycare.  Therefore if a family pays $6000 per year in daycare, the income limit may be increased by this amount.  Finally, medical expenses for disabled household members could potentially help get within the income limits.  Learn more details in our article “How to exceed the USDA Household Income Limits“.  So as you can tell, USDA safely allows middle income America to buy with no money down!

USDA Eligible towns in Brunswick County include Caswell Beach, Holden Beach, Ocean Isle Beach, Sunset Beach, Long Beach, Yaupon Beach, Bald Head Island, Oak Island, Boiling Spring Lakes, Northwest, Southport, Belville, Bolivia, Calabash, Carolina Shores, Caswell Beach, Leland, Winnabow, Navassa, Southport, St James, Varnamtown, Lockwood Folly, Northwest, Shallotte, Town Creek, Waccamaw, Ash, Supply.

Let’s go into a little more detail for some of the most popular towns that Brunswick County USDA loans help buyers.

USDA Southport NC No Money Down

Southport is the quintessential small, quaint, coastal town.  It was even chosen as the backdrop for the movie Safe Haven.  Southport has a great mix of historic homes plus lots of new construction.  So it meets the needs of  a diverse group.  A large portion of Southport is made up of retired senior citizens.  Plus Southport is a unique tourist destination because of its local shopping, awesome restaurants, and don’t forget the 4th of July fireworks celebration!  Buying a home in Southport does not require a large down payment so check into a USDA loan in Southport NC.

Leland NC USDA No Money Down

I know it is hard to believe, but no money down is available for homes in Magnolia Greens, Brunswick Forest, and Waterford.  Leland is just across the bridge from Wilmington.  So Leland offers the benefit of being a few minutes from lots of employment opportunities.  Additionally it is an easy drive to movies, dining, and shopping.  Over the last decade or so, Leland has gone through huge expansion.  The before mentioned neighborhoods have expanded to the size of small towns.  There are future plans so that Leland residents don’t have to cross the bridge for shopping and dining.  Finally, living in Leland means a few minute drive to local beaches.  So ask us about buying a home in Leland NC with no money down Brunswick County USDA loans.

USDA Shallotte NC No Money Down

Shallotte is just a few minutes north of Myrtle Beach and Little River.  One can live in Shallotte and be right in the middle of quiet beaches, Calabash seafood, lots of golf courses, and more!  Because of the Brunswick County expansion and amenities, new home subdivisions are popping up a lot. Using a USDA loan allows the ability to live affordably while living in coastal luxury!

Oak Island NC USDA No Money Down

Oak Island has been going through a transformation over the years with tremendous new construction.  The quiet beach town, like many others, went through a tough period in the recession with lots of foreclosures and short sales.  But it has recovered nicely and buyers still look for the peaceful beach living that Oak Island has to offer.  Buying a home with no money down is possible with an Oak Island USDA loan.  Not sure?  Take a visit for the day or vacation for a week.  Enjoy an evening watching over turtle nests or just experience a quiet day on the beach!

Bolivia NC USDA No Money Down

Bolivia is a very small town but it is the Brunswick County seat.  Its central location and access to Hwy 17 makes it a great place to live.  Hwy 17 connects Wilmington and Myrtle Beach, plus goes straight through Bolivia.  There are lots as low as $8,000 but there are also high end new homes.  Popular neighborhoods include Winding River, Riversea Village, Brunswick Vineyard Estates, and Sandy Branch Retreat.  Buying a home under the price of $453,100 could use a no money down Bolivia USDA loan.

Holden Beach, Ocean Isle Beach, Sunset Beach NC USDA No Money Down

It is something how many times I hear people say they grew up vacationing at Holden, Sunset, or Ocean Isle Beaches.  We sure did.  These, like all of the Brunswick Beaches, are quiet beach towns.  Now USDA loans will not finance the $1,000,000 beachfront vacation homes.  But USDA will finance a primary residence in these Brunswick beaches up to the USDA limit of $453,100!  If living on the island is not for you, there are lots of nice subdivisions and golf course communities on the mainland across from the beaches.  This is more typical lending for USDA loans.  So when considering a primary residence at the beach, maybe keep the retirement funds in place and use Brunswick County USDA!

Calabash NC USDA No Money Down

Seafood capital of the world!  It even has a seafood cooking style named after the town – Calabash-style seafood.  Large crowds travel from Myrtle Beach to taste authentic Calabash seafood fresh from the boats.  Calabash gives visitors the experience of a small coastal fishing village.  One can even take a day fishing trip to get an idea what it feels like to pull in a big one.  Restaurants with a long tradition include Beck’s Restaurant and Ella’s of Calabash.  Calabash real estate includes manufactured homes to waterfront homes.  So, Brunswick County USDA loans create an affordable opportunity to purchase a townhome, single family home (not manufactured), or even an approved condo.

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