First Time Home Buyer Loan

First Time Home Buyer Loan

USDA Loan Program

USDA is a loan program that offers 100% home financing in rural areas. This why the USDA loan is so popular with first-time home buyers.  Now I know you are probably thinking, if only rural areas then you would have to live in the middle of no where, right? Actually, this is not true. Clayton, Knightdale, Smithfield, Fuquay-Varina, Zebulon, Holly Springs and even some small portions of Raleigh and Garner are USDA eligible.

USDA Requirements

Like most loans, you must meet certain requirements. Listed below are just a few.

For a full list of requirements visit the USDA website

USDA Benefits

  • 100% financing, which means no down payment

  • Closing costs can be rolled into the loan or can sometimes be paid by the seller

  • Great interest rates

  • 30 year fixed rate offered

  • No loan limit but is based on your ability to pay

There is a USDA guarantee fee and annual fee that must be paid on the loan. Good news is that percentage was changed in April 2017. The guarantee fee is now 1% of the loan instead of 2.75% and the annual fee is now 0.35% instead of 0.5%. For example: $200k loan would mean $2000 guarantee fee and an annual fee of $700. Both fees can be rolled into the loan.

Overall the USDA loan program is a fantastic loan option and a great program for any one eligible. Contact me for more information on first-time home buyer programs.


Lindsay Baker Headshot
Phone: 910-429-6370
Dated: September 28th 2017
Views: 260
About Lindsay: The process of purchasing or selling a home can be both exciting and stressful. I have personal expe...

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Valerie Dupree
328 East Main Street
Clayton, NC