South Lakes which is Fuquay Varina's first master planned community is eligible for the USDA Rural Development Guaranteed Loan Program which offers 100% financing! This is GREAT news for home buyers looking to make owning a Biltmore house at South Lakes a reality this year! The Guaranteed Rural Housing program was designed to bridge the gap between
government and private mortgage lending which has existed in many rural areas.
With over 2,000 lenders currently participating, this private/public partnership is a proven success story. This program fills a tremendous need for thousands of rural North Carolina families that have the income but lack the down payment ability.
If meeting the down payment requirements of conventional lending has prohibited you from purchasing a home, the USDA Rural Development Guaranteed Loan Program might be just what you need. Through this program you may now be able to purchase your dream home through Biltmore Homes at South Lakes.
Here are some quick details on the loan program but for more information or to speak with one of Biltmore Homes preffered lenders then please contact us.
- No down payment
- No private mortgage insurance
- Up to 102% financing
- No minimum or maximum loan amount
- No limit on seller's contribution to closing costs
- Closing costs and/or repairs can be financed into loan amount up to the appraised value
