Great News! Foxborough Crossing, the new home neighborhood in Wendell from Halle Building Group, qualifies for USDA Home Loan financing, AND it qualifies for NC Housing Finance Agency funds! Why is this important? The USDA Home Loan program is quickly becoming the most popular mortgage program in the country because it does not require a down payment, and easy underwriting requirements!
USDA Home Loan Program Basics:
- Maximum Income limits for new home buyers at Foxborough Crossing with a Family from 1 to 4 is $91,850. Families with 5 or more in the household have a limit of $121,250.
- Minimum Credit Score is 620 – meaning at least 2 of your 3 scores must be at 620 or above.
- Must have at least 36 months since a Bankruptcy or Foreclosure, and no new Judgement accounts in the last 12 months
- No Downpayment is Requried! Additionally, the initial guarantee fee can be included in the loan amount, and does not have to be paid at closing.
- Low, fixed rate mortgage rates
USDA Home Loan requirements are not nearly as strict as other programs, and the Underwriters are allowed to consider “Compensating Factors.” It’s an ideal program for buying a new home in Wendell at Foxborough Crossing! [Read more...]