While renting is a good option for many people in the High Country, there are ways to get a home with a small down payment if buying is the route you decide to take. Due to our low population density, homes in Ashe, Avery, and Watauga qualify for USDA loans where you don’t need a down payment. You don’t need to live in a rural section of the county to purchase real estate with a USDA loan. Even if you live in Boone, Blowing Rock, or West Jefferson where there are more people, you’ll qualify if you meet the other eligibility requirements.

Here’s an excerpt from the USDA Website:

What does this program do? 
This program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.

Who may apply for this program?
Applicants must:

  • Meet income-eligibility
  • Agree to personally occupy the dwelling as their primary residence
  • Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
  • Have the legal capacity to incur the loan obligation
  • Have not been suspended or debarred from participation in federal programs
  • Demonstrate the willingness to meet credit obligations in a timely manner
  • Purchase a property that meets all program criteria



Read the Original Article Here: Down Payments Posing a Roadblock for Renters to Become Owners

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