Eligibility for Home Loan

USDA Home Loan Debt Ratio Eligibility Requirements NCThe home must be within the USDA Home Loan Eligibility area, and every county in North Carolina has property that qualifies for the program. Additionally, the household income must be under the maximum income allowances for the County you want to purchase a home in. These are owner occupied loans, designed for folks with fairly good credit, since they don’t have any down payment requirements.

All in all – USDA Home Loans in North Carolina are fairly easy to qualify for, and many First Time Home Buyers in North Carolina take advantage of the program.

The USDA Home Loan System recently issued updated Eligibility Requirements for approval. The update seems subtle enough – basically it says that the debt to income ratios for USDA Home Loans are not to be considered a range… they are hard and fast numbers.

For the past 5 years we’ve been granted exceptions within the USDA Home Loan housing ratio, allowing us to obtain approvals for home buyers who had “front end” ratios of 33 and 34 percent. Those days are over. The maximum housing / PITI ratio allowed with GUS is now 32% with the “standard” ratio of 29% pretty strictly enforced. Newly updated USDA Home Loan Eligibility requirements also enforce a 41% total debt ratio – even though in months past, we were able to approve “back end” ratios of 47 to 48%.If the Bank Underwriter feels that the borrower should be considered for a USDA Home Loan Debt Ratio waiver, then the home buyer will need the following:

You don’t have to wait until you’ve been employed for two full years to be approved for a USDA Home Loan. The requirements above are only used in a situation where we are trying to get your loan approved with higher than “normal” debt ratios.

Many first time home buyers in North Carolina are considering this program as an important tool for buying their new home. The USDA Home Loan Eligibility Maps are scheduled to change on October 1, 2013. If you are interested in a home that is scheduled to lose the program, we are suggesting that folks be under contract prior to August 15th in order to get completely through the USDA Underwriting system.

Have questions about the USDA Home Loan Debt Ratios, or how you can qualify for a home with a USDA Loan? Call Steve and Eleanor Thorne at 919-649-5058, USDA Loan Experts in North Carolina. You can also find us on Google Plus and Facebook


Info for Title I loan

2004-08-19 09:22:43 by voters

Title One loans make it easier to finance home renovations
By Michael D. Larson • Bankrate.com
Borrowers looking for a smart way to finance renovations during the busy spring and summer season may want to check out Title One home improvement loans. They often have lower rates and fees, as well as more lenient underwriting standards, than conventional improvement loans. And there are no income limits on eligibility.
With rising temperatures and the upcoming start of hurricane season making big-ticket items such as air conditioning systems and shutters look more desirable, now's a good time to give the decades-old program a once-over

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