What is North Carolina USDA Construction Perm?
An NC USDA construction perm refers to a long-term permanent loan that can be used as financial assistance for a building project. The loan lender usually converts the construction loan into a permanent mortgage after the contractor has completed building your home and you can opt for either a fixed rate or an adjustable rate to manage your repayments in the loan terms. This is a fantastic method of financial assistance if you are looking at becoming a homeowner in an affordable manner while also being able to construct the home of your dreams.
Established companies such as AmeriSouth Mortgage offer fantastic rates on their products that really can help you reach your dreams of becoming a homeowner through the use of an NC USDA construction perm loan.
Are You Eligible for a Construction Perm Loan?
Because the United States Department of Agriculture (USDA) program helps approved lenders to provide low to medium income households the opportunity to own significantly decent housing through significantly low-interest rate loans, it is not as difficult as you may believe to obtain a USDA construction perm loan. Some of the requirements needed to be eligible for this type of loan include:
- You are required to agree that you will personally occupy the house as your primary residence.
- You must be a U.S citizen, a U.S non-citizen national or a qualified alien.
- Demonstrate the willingness to meet the credit requirements and obligations in a most timely manner.
- Purchase a property or land to build a property that meets the USDA programs requirements.
- Meet the income-eligibility required for the USDA program
There are a few other minimal requirements to be eligible for a USDA construction perm loan. AmeriSouth Mortage is equipped with fantastic consultants that can further assist in walking you through the significantly simple process of becoming a homeowner, without breaking the bank.
Will you need a down payment?
NC USDA construction perm loans provide 100% financial assistance and absolutely no down payment is required to be eligible, which could be the most alluring feature that it can provide. Alternative options for home loans will most likely require at least 3.5% as a down payment to secure the loan, which can make purchasing a home somewhat impossible for some of us. Because these loans do not require a down payment, offer low-interest rates, and affordable repayments, they are becoming increasingly popular.
The USDA loan does not require a down payment because it is guaranteed by the U.S government and therefore, the USDA will reimburse lenders in instances where the borrower does not repay the loan. This removes the risk factor for lenders, which is why these types of loans have an extremely high approval rate. For this reason, it is most likely the most sound and secure type of loan to opt for.