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Home Buying, Home Tips

Tips about USDA Loans and Homes in Wake County, NC

I recently sat down with Cheryl Ellington of TowneBank Mortgage of the Carolinas to get a little insight on the ever growing concept of USDA loans. Many of you have probably heard of the term USDA, but were not sure about the details of their program or if the homes that interests you qualify. 

Highlights of the USDA Guaranteed Rural Housing Loan Program

  • Loans may be for up to 100 percent (102 percent
    if the guarantee fee is included in the
    loan) of appraised value or for the acquisition
    cost, whichever is less.
  • No downpayment is required
  • There are no restrictions on the size or design of the home financed
  • There are income restrictions to individuals and family for USDA loans
  • There is an automated income eligibility calculator at: http://eligibility.sc.egov.usda.gov.
  • The home must be located within a search area to qualify for USDA financing.  Go to this website to see if the home you are searching for is eligible for a USDA loan.
  • Guarenteed loans can be made on either new or existing homes
  • Mortgages are 30-year fixed rate at market interest rates 
  • Loans may include funds for closing costs, if the appraised value is higher than the sales price
  • Sellers may contribute to the buyer’s closing costs
  • Buyers must personally occupy the dwelling following the purchase 

Cheryl speaks a little to the specifics on USDA loans in Wake County in this video.

Looking to buy or sell a home in the Raleigh, Durham, Chapel Hill, Carrboro, Pittsboro, Cary, Apex, Garner, Hillsborough, Wake Forest, Knightdale, Clayton or any of the Triangle communities, we are here to help. Please consider us your Triangle Experts in all things Real Estate. Looking for great tips about Raleigh area real estate check out BenPasswaters.com


About Benjamin Passwaters, Realtor

As a real estate professional with Coldwell Banker HPW I work hard daily to buy and sell real estate in Cary, Apex, Holly Springs, Raleigh and the other surrounding areas of the Triangle. I work to establish relationships and to make the home buying/selling process as smooth as possible for my clients. I am a father and a dog lover who likes good wine, craft beer, golf and college football. This blog is used to inform current and prospective residents of Cary, Raleigh, Apex and the surroundings areas of local market trends, events in the area, and other help real estate information.



  1. Pingback: Do You Know Your Credit Score? « bensellshomes - May 17, 2011

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