USDA Loans

USDA Loans are created by the US Department of Agriculture.  This product is designed for rural areas and borrowers who are considered moderate and lower income.

Features
100% Loan
Must be a moderate or lower income family
Maximum household income New Hanover County $114,050
Seller concessions to pay closing costs are allowed
Must be in a rural USDA approved area: zip codes include 28412, 28411, 28521, 28443, 28429
Credit score 640 or above use mortgage brokers, under 640 use USDA direct underwriters
Properties are for primary residence only
Property may be rented after 1 year
Bankruptcy chapter 7 ok after 36 months, chapter 13 completion 12 months
​Debt to Income Ratio:  Front End 32%, Back End 44%