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Another thread regarding USDA mortgages (which I have no nowledge of) led me to google for information. There is a lot of infomation on-line but most posted by real estate agents or mortgage brokers.
I post this for your info only as it might be worth someone's time to do their own research on the matter of securing this type of mortgage for rural property.
I don't think that they would be available in Charlotte city proper. Maybe in the outskirts...like Monroe. They are subsidized by the government and they have very strict income caps. I was rejected (many years ago) when I lived elsewhere for making $50.00/year TOO MUCH MONEY!! They are usually small homes and on the deed is a recapture clause, meaning that if you ever sold the home for market value, then, you owe the gov't the amount of the subsidy that they had given you over the years. Similar to Habitat for Humanity, you have to put in an amount of "sweat equity". Most conventional lenders will not go behind a USDA loan nor will refinance one.
It is very difficult to obtain one. There is usually a waiting list for 4-5 years.
Like I said, I had been initially approved, then, when they got my income information, I was rejected. The ironic part was that I was working o/t as a favour to make extra money to survive and that was what pushed me over the edge. In the end, it was fine. At the time, I was devastated!!
4 years to obtain one?! No I don't think so. Crazy hoops to jump through or odd off the wall stipulations? Not the way it works.
I have a client that just received an approval for one in 2 days just this past Friday. She is purchasing in Fort Mill down 521 in Lancaster county.
It was VERY easy to obtain since she met the income quaifications and the home met the area bounderies. Easy going loan for the lender and a GREAT package for my client with no MI.
4 years to obtain one?! No I don't think so. Crazy hoops to jump through or odd off the wall stipulations? Not the way it works.
I have a client that just received an approval for one in 2 days just this past Friday. She is purchasing in Fort Mill down 521 in Lancaster county.
It was VERY easy to obtain since she met the income quaifications and the home met the area bounderies. Easy going loan for the lender and a GREAT package for my client with no MI.
I had heard they had loosened up on these loans. I was very surprised to find that a hospital I work with was able to get financing through USDA. I just had no clue this type of loan was available thru/ USDA.
I would really like to find out more and have researched some online. It appears they have provisions for loans under a special "community facilities program."
ETA: what I have ascertained is that the loans must be to communities w/ under 20,000 population. I think that restriction must apply to both residential and business entities.
USDA funds are allocated quarterly and quarter 1 2009 is already allocated. If you are approved for the loan it may mean a wait of 60 days or more before the loan is funded by the bank.
The lending institution might move forward with the loan based on a guarantee of future funds from the USDA using their own funds until the next release of USDA funding, or it may delay the allocation of funds until the next release (April 2009) of USDA funds.
If you are in a transaction where the funds are delayed it can be a very disturbing experience for both the seller and buyer.
Seller expecting a sale starts a transaction on another home with a closing date prefaced on the sale of their existing home, makes arrangements for moving their household goods, completes repairs requested by buyers, etc.
Buyer informs landlord that they are leaving, landlord finds new tenant. Buyer makes moving arrangements, banking arrangements, children's school enrollment, etc.
Four days before closing the lender halted the transaction until new funding was available.......OOPS! The sale finally closed 63 days later.
This was actually my first transaction as a realtor when I relocated to the area.
Approach USDA funding with flexibilty of the transaction in mind.
It is also important to note that when new quarterly funds are released, the individuals that were approved prior to the new release are funded before any new approvals.
USDA funds are available with certain lenders for immediate closings... You just need to have the right lender... Those lenders will close the loan under a conditional resolution... Contact me off line for more info.
Conditional resolution? Sounds like a bridge loan to me.
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Maybe in the outskirts...like Monroe. They are subsidized by the government and they have very strict income caps. I was rejected (many years ago) when I lived elsewhere for making $50.00/year TOO MUCH MONEY!! 
They are usually small homes and on the deed is a recapture clause, meaning that if you ever sold the home for market value, then, you owe the gov't the amount of the subsidy that they had given you over the years. Similar to Habitat for Humanity, you have to put in an amount of "sweat equity". Most conventional lenders will not go behind a USDA loan nor will refinance one. 
In the end, it was fine. At the time, I was devastated!!
