North Carolina USDA Loans

What are North Carolina USDA Loans?

USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with a no money down home loan and low monthly mortgage insurance.

What rural development loans does USDA offer in North Carolina?

Currently, there are two kinds of USDA Home Loans available in North Carolina for single family households:

. USDA Guaranteed Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in North Carolina and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

. USDA Direct Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine if I am eligible for a USDA Loan in North Carolina?

To be eligible for A USDA Rural Loan in North Carolina, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through most lenders. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

What is the maximum amount that I can borrow?

The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).

How much money is the down payment and closing costs going to be?

USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

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Additional lender offers.

North Carolina USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2012

County Name
1-4 Person Households
(Guaranteed Loans)
5-8 Person Households 
(Guaranteed Loans)
BURLINGTON, NC (MSA)
ALAMANCE
$73,600
$97,150
HICKORY-LENOIR-MORGANTON, NC (MSA)
ALEXANDER
$73,600
$97,150
NON-METRO
ALLEGHANY
$73,600
$97,150
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA)
ANSON
$76,500
$101,000
NON-METRO
ASHE
$73,600
$97,150
NON-METRO
AVERY
$73,600
$97,150
WASHINGTON, NC (MICRO)
BEAUFORT
$73,600
$97,150
NON-METRO
BERTIE
$73,600
$97,150
NON-METRO
BLADEN
$73,600
$97,150
WILMINGTON, NC (MSA)
BRUNSWICK
$73,600
$97,150
ASHEVILLE, NC (MSA)
BUNCOMBE
$73,600
$97,150
HICKORY-LENOIR-MORGANTON, NC (MSA)
BURKE
$73,600
$97,150
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA)
CABARRUS
$76,500
$101,000
HICKORY-LENOIR-MORGANTON, NC (MSA)
CALDWELL
$73,600
$97,150
ELIZABETH CITY, NC (MICRO)
CAMDEN
$73,600
$97,150
MOREHEAD CITY, NC (MICRO)
CARTERET
$73,600
$97,150
NON-METRO
CASWELL
$73,600
$97,150
HICKORY-LENOIR-MORGANTON, NC (MSA)
CATAWBA
$73,600
$97,150
DURHAM, NC (MSA)
CHATHAM
$82,000
$108,250
NON-METRO
CHEROKEE
$73,600
$97,150
NON-METRO
CHOWAN
$73,600
$97,150
NON-METRO
CLAY
$73,600
$97,150
SHELBY, NC (MICRO)
CLEVELAND
$73,600
$97,150
NON-METRO
COLUMBUS
$73,600
$97,150
NEW BERN, NC (MICRO)
CRAVEN
$73,600
$97,150
FAYETTEVILLE, NC (MSA)
CUMBERLAND
$73,600
$97,150
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA)
CURRITUCK
$78,050
$103,050
KILL DEVIL HILLS, NC (MICRO)
DARE
$73,600
$97,150
THOMASVILLE-LEXINGTON, NC (MICRO)
DAVIDSON
$73,600
$97,150
WINSTON-SALEM, NC (MSA)
DAVIE
$73,600
$97,150
NON-METRO
DUPLIN
$73,600
$97,150
DURHAM, NC (MSA)
DURHAM
$82,000
$108,250
ROCKY MOUNT, NC (MSA)
EDGECOMBE
$73,600
$97,150
WINSTON-SALEM, NC (MSA)
FORSYTH
$73,600
$97,150
RALEIGH-CARY, NC (MSA)
FRANKLIN
$88,400
$116,700
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA)
GASTON
$76,500
$101,000
NON-METRO
GATES
$73,600
$97,150
NON-METRO
GRAHAM
$73,600
$97,150
NON-METRO
GRANVILLE
$73,600
$97,150
GREENVILLE, NC (MSA)
GREENE
$73,600
$97,150
GREENSBORO-HIGH POINT, NC (MSA)
GUILFORD
$73,600
$97,150
ROANOKE RAPIDS, NC (MICRO)
HALIFAX
$73,600
$97,150
DUNN, NC (MICRO)
HARNETT
$73,600
$97,150
ASHEVILLE, NC (MSA)
HAYWOOD
$73,600
$97,150
ASHEVILLE, NC (MSA)
HENDERSON
$73,600
$97,150
NON-METRO
HERTFORD
$73,600
$97,150
FAYETTEVILLE, NC (MSA)
HOKE
$73,600
$97,150
NON-METRO
HYDE
$73,600
$97,150
STATESVILLE-MOORESVILLE, NC (MICRO)
IREDELL
$73,600
$97,150
NON-METRO
JACKSON
$73,600
$97,150
RALEIGH-CARY, NC (MSA)
JOHNSTON
$88,400
$116,700
NEW BERN, NC (MICRO)
JONES
$73,600
$97,150
SANFORD, NC (MICRO)
LEE
$73,600
$97,150
KINSTON, NC (MICRO)
LENOIR
$73,600
$97,150
LINCOLNTON, NC (MICRO)
LINCOLN
$73,600
$97,150
NON-METRO
MACON
$73,600
$97,150
ASHEVILLE, NC (MSA)
MADISON
$73,600
$97,150
NON-METRO
MARTIN
$73,600
$97,150
NON-METRO
MCDOWELL
$73,600
$97,150
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA)
MECKLENBURG
$76,500
$101,000
NON-METRO
MITCHELL
$73,600
$97,150
NON-METRO
MONTGOMERY
$73,600
$97,150
SOUTHERN PINES-PINEHURST, NC (MICRO)
MOORE
$73,600
$97,150
ROCKY MOUNT, NC (MSA)
NASH
$73,600
$97,150
WILMINGTON, NC (MSA)
NEW HANOVER
$73,600
$97,150
ROANOKE RAPIDS, NC (MICRO)
NORTHAMPTON
$73,600
$97,150
JACKSONVILLE, NC (MSA)
ONSLOW
$73,600
$97,150
DURHAM, NC (MSA)
ORANGE
$82,000
$108,250
NEW BERN, NC (MICRO)
PAMLICO
$73,600
$97,150
ELIZABETH CITY, NC (MICRO)
PASQUOTANK
812,000
$97,150
WILMINGTON, NC (MSA)
PENDER
$73,600
$97,150
ELIZABETH CITY, NC (MICRO)
PERQUIMANS
$73,600
$97,150
DURHAM, NC (MSA)
PERSON
$82,000
$108,250
GREENVILLE, NC (MSA)
PITT
$73,600
$97,150
NON-METRO
POLK
$73,600
$97,150
GREENSBORO-HIGH POINT, NC (MSA)
RANDOLPH
$73,600
$97,150
ROCKINGHAM, NC (MICRO)
RICHMOND
$73,600
$97,150
LUMBERTON, NC (MICRO)
ROBESON
$73,600
$97,150
GREENSBORO-HIGH POINT, NC (MSA)
ROCKINGHAM
$73,600
$97,150
SALISBURY, NC (MICRO)
ROWAN
$73,600
$97,150
FOREST CITY, NC (MICRO)
RUTHERFORD
$73,600
$97,150
NON-METRO
SAMPSON
$73,600
$97,150
LAURINBURG, NC (MICRO)
SCOTLAND
$73,600
$97,150
ALBEMARLE, NC (MICRO)
STANLY
$73,600
$97,150
WINSTON-SALEM, NC (MSA)
STOKES
$73,600
$97,150
MOUNT AIRY, NC (MICRO)
SURRY
$73,600
$97,150
NON-METRO
SWAIN
$73,600
$97,150
BREVARD, NC (MICRO)
TRANSYLVANIA
$73,600
$97,150
NON-METRO
TYRRELL
$73,600
$97,150
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA)
UNION
$76,500
$101,000
HENDERSON, NC (MICRO)
VANCE
$73,600
$97,150
RALEIGH-CARY, NC (MSA)
WAKE
$88,400
$116,700
NON-METRO
WARREN
$73,600
$97,150
NON-METRO
WASHINGTON
$73,600
$97,150
BOONE, NC (MICRO)
WATAUGA
$73,600
$97,150
GOLDSBORO, NC (MSA)
WAYNE
$73,600
$97,150
NORTH WILKESBORO, NC (MICRO)
WILKES
$73,600
$97,150
WILSON, NC (MICRO)
WILSON
$73,600
$97,150
WINSTON-SALEM, NC (MSA)
YADKIN
$73,600
$97,150
NON-METRO
YANCEY
$73,600
$97,150

 

 USDA Loan information for North Carolina’s top cities:

Asheville North Carolina USDA LoansCary North Carolina USDA LoansCharlotte North Carolina USDA Loans
Concord North Carolina USDA LoansDurham North Carolina USDA LoansFayetteville North Carolina USDA Loans
Gastonia North Carolina USDA LoansGreensboro North Carolina USDA LoansGreenville North Carolina USDA Loans
High Point North Carolina USDA LoansJacksonville North Carolina USDA LoansRaleigh North Carolina USDA Loans
Rocky Mount North Carolina USDA LoansWilmington North Carolina USDA LoansWinston-Salem North Carolina USDA Loans

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