Table of Contents
What areas are eligible for USDA loan?
To be eligible for the USDA loan program, a property must be:
- Located in a rural area (generally defined as a region outside of a major city with fewer than 35,000 residents)
- Used as a primary residence only, not for income-generating endeavors.
- Less than 2,000 square feet in size (typically)
How do I qualify for a USDA loan in NC?
To qualify for a USDA loan in NC or SC, you must meet the following:
- Income Limits: You must prove you have a stable income, but your income cannot be more than 15 percent over the median salary in the area you plan to buy into.
- United States Citizenship: Permanent residents may also qualify for USDA Home Loans.
What is a good credit score for a USDA loan?
640
The USDA doesn’t have a fixed credit score requirement, but most lenders offering USDA-guaranteed mortgages require a score of at least 640, and 640 is the minimum credit score you’ll need to qualify for automatic approval through the USDA’s automated loan underwriting system.
Where are USDA home loan areas in NC?
In the Coastal parts of NC, there are neighborhoods around Wilmington, Ogden and Carolina Beach that could lose the program entirely, including Leland. The newest USDA Home Loan Eligibility Maps show that areas near New Bern are pretty well staying the same.
When do USDA loan eligibility changes in NC?
Because of that below you can view USDA Home Loan Eligibility Map Changes for NC currently due to change in September of 2020. In the Coastal parts of NC, there are neighborhoods around Wilmington, Ogden and Carolina Beach that could lose the program entirely, including Leland.
Where to find USDA Rural Development response page?
Please visit USDA Rural Development’s Coronavirus Response page for the latest information and notices on how Rural Development is supporting its stakeholders. USDA Rural Development has taken a number of immediate actions to help rural residents, businesses, and communities affected by the COVID-19 outbreak.
Are there area loan limits for Rural Development?
County or Equivalent Limit Effective 02‐01‐2021 Apache County $285,000 Cochise County $285,000 Coconino County $311,800 Gila County $285,000 Graham County $285,000 Greenlee County $285,000 La Paz County $285,000 Maricopa County $294,400 Mohave County $285,000 Navajo County $285,000 Pima County $285,000 Pinal County $294,400