Many people still would like to buy a home but have been unable to save up enough money for a down payment plus closing costs. In today's mortgage environment the FHA loan is a popular option. An FHA loan requires 3.5% down payment in addition to closing costs and funding fees. This can be a challenge for some but it is still a great option.
There are VA loans for our Veterans. Our Veterans are familiar with these loans which will provide 100% financing but there is a large funding fee required.
How about another 100% Mortgage Loan? The USDA Mortgage loan still provides 100% of your mortgage. In addition the USDA Mortgage Loan can include most of your closing costs in the loan! How does this work and who qualifies?
First, the USDA Mortgage program is from the United States Department of Agriculture. This program provides mortgages for rural properties. There is a USDA map that dictates what areas are still considered rural and which areas do not qualify. There are also income limits; the program is intended to help home owners get into home ownership. How does this program still exist? Does any properties in or around Charlotte qualify?
The USDA Mortgage program still survives. The people borrowing in the rural communities help because they continue to pay their mortgages. In addition, many rural areas were benefited by a very stable housing market (not subject to the steep rise and falls of major cities).
There are still areas both east and west of Charlotte (still within the city limits) that qualify in addition. There are naturally many surrounding areas that also qualify. How does some of the city of Charlotte qualify as rural?
Charlotte NC is still a new and developing city. The area has changes tremendously over the past decade. Many of the areas that qualify today will not qualify 5 or 10 years from now. Ultimately, they qualify today and it is a great option for purchasing a Charlotte home.
As a Charlotte Realtor, I make it my business to understand all options that help you own a home. I do not want you over extended into a mortgage you realistically can not afford; nor do I want to see someone feeling trapped renting when they can actually own their own home.
Contact me at rjwaite1@gmail.com, 704.770.6559 or visit one of my Charlotte Real Estate websites; discover all of your options and lets consider the best Charlotte Homes for sale for you and your family!
