Home financing in Pasquotank County.

Home financing — most commonly called a mortgage — is a loan that lets you purchase a home by paying for it over time, usually 15 to 30 years. The lender provides the purchase money upfront, and you repay it in monthly installments that cover both the principal (the amount borrowed) and interest (the cost of borrowing). The home itself serves as collateral, meaning the lender has a legal claim to the property if payments stop.

There are several common types of home loans:

• **Conventional loans** — Offered by banks and credit unions, not backed by the government. They typically require a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — Insured by the Federal Housing Administration. They allow lower credit scores (as low as 580) and down payments as low as 3.5%. Popular with first-time buyers.

• **USDA Rural Development loans** — Particularly relevant for Pasquotank County. Much of the county's rural land qualifies for USDA financing, which can mean zero down payment for eligible buyers.

• **VA loans** — For veterans, active-duty service members, and surviving spouses. No down payment required and no private mortgage insurance (PMI).

• **ITIN loans** — For buyers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number. Offered by select community lenders and credit unions.

Understanding which loan type fits your situation is the first step — and local advisors can help you compare options at no cost.

Pasquotank County's economy centers on Elizabeth City, the surrounding agricultural communities, and the U.S.

Coast Guard base at Elizabeth City — the largest Coast Guard facility in the world.

This mix of public-sector workers, small business owners, agricultural workers, tradespeople, and military families shapes who most commonly seeks home financing here.

**You may qualify if you are:**

• A Coast Guard member or veteran (VA loan eligibility is very strong in this area)

• A solo contractor, carpenter, plumber, or other self-employed tradesperson (two years of tax returns typically required)

• An agricultural or seasonal worker with documented income

• A first-time buyer with modest income who may qualify for NC Housing Finance Agency down payment assistance

• An immigrant worker with an ITIN and two or more years of steady work history

• A small landlord or investor looking to purchase a 1–4 unit property

**Income and credit context for this area:**

Pasquotank County's median household income is roughly $48,000–$52,000, and home prices in Elizabeth City generally range from $130,000 to $280,000 — making this one of the more affordable coastal-adjacent counties in North Carolina. That affordability means monthly mortgage payments can be within reach even for moderate-income buyers, especially with down payment assistance.

If your credit score is below 620, do not give up. Local credit unions and CDFIs often work with buyers who are still building credit. A credit counselor through a HUD-approved agency can help you get mortgage-ready in as little as six to twelve months.

Gathering your documents early makes the loan process much smoother. Here is what most lenders in Pasquotank County will ask for:

**Identification**

• Government-issued photo ID (driver's license, passport, or consular ID)

• Social Security Number OR Individual Taxpayer Identification Number (ITIN)

**Income — Employees (W-2 workers)**

• Last two years of W-2 forms

• Last 30 days of pay stubs

• Last two years of federal tax returns

**Income — Self-Employed / Solo Contractors**

• Last two years of federal tax returns (personal and business, if applicable)

• Year-to-date profit and loss statement

• Business bank statements for the last 12–24 months

• 1099 forms if you receive them

**Income — Agricultural / Seasonal Workers**

• Evidence of recurring seasonal employment (employer letters, contracts)

• Two years of tax returns showing consistent income patterns

**Assets and Banking**

• Last two to three months of bank statements (all accounts)

• Documentation of any gift funds (gift letter from family member)

• Retirement or investment account statements, if applicable

**Property**

• Signed purchase agreement (once you are under contract)

• Homeowners insurance quote

• Property tax information

**ITIN Borrowers — Additional Items**

• ITIN letter from the IRS

• Two years of tax returns filed with the ITIN

• Proof of consistent residence (utility bills, lease agreements)

• Longer bank statement history (12–24 months is common)

Tip: If you are missing any of these, a local HUD-approved housing counselor can help you figure out alternatives — before you even apply.