Home financing in Rowan County.

Home financing means borrowing money to purchase, refinance, or renovate a residential property, then repaying that loan over time — usually 15 to 30 years — with interest. The most common tool is a mortgage, where the home itself serves as collateral for the loan.

There are several types of home loans available to Rowan County residents:

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

• **FHA loans** — Backed by the Federal Housing Administration. Useful for first-time buyers or those with lower credit scores (as low as 580). Require as little as 3.5% down.

• **USDA Rural Development loans** — Many parts of Rowan County — including areas outside Salisbury — qualify as rural or semi-rural, making residents eligible for USDA loans with zero down payment.

• **VA loans** — Available to eligible veterans, active-duty service members, and surviving spouses. No down payment required.

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

The right loan depends on your income, credit history, immigration status, and the property you're purchasing. Local intermediaries — not just national banks — often offer the most flexible and supportive options for Rowan County buyers.

Rowan County has a diverse, working-class economy built around manufacturing, healthcare (Novant Health and Rowan Medical Center are major employers), construction, small retail, and agriculture. This means many buyers are hourly workers, self-employed contractors, or gig workers — people whose income may look different on paper but is real and consistent.

**You may qualify for a home loan in Rowan County if you:**

• Have a steady income, even if it comes from self-employment, contract work, or multiple part-time jobs

• Have a credit score of 580 or higher (or are willing to work toward it with local guidance)

• Can show 1–2 years of consistent income through tax returns or bank statements

• Are a non-citizen with an ITIN — several local lenders accept ITIN borrowers

• Are a first-time buyer with limited savings — down payment assistance programs exist at the state and local level

• Live or work in a rural or semi-rural part of the county — USDA eligibility covers much of Rowan County outside the city of Salisbury

**Rowan County's median home price** is generally well below state averages, making homeownership more accessible here than in the Triangle or Charlotte metro. As of recent data, median home prices in Salisbury and surrounding towns have hovered in the $175,000–$220,000 range — realistic for buyers at moderate income levels.

Don't count yourself out before speaking with a local housing counselor or CDFI. Income floors are often lower than people assume.

Most lenders in Rowan County will ask for a similar set of documents regardless of loan type. Gathering these early will make the process smoother and faster.

**For W-2 employees:**

• Government-issued photo ID (or passport + ITIN letter)

• Last 2 years of W-2 forms

• Last 2 years of federal tax returns

• Most recent 30 days of pay stubs

• Last 2–3 months of bank statements

• Proof of current address (utility bill or lease)

**For self-employed buyers and contractors:**

• Last 2 years of personal and business tax returns

• Year-to-date profit and loss statement (a simple version is acceptable)

• 3–6 months of business and personal bank statements

• Business license or registration, if applicable

**For ITIN borrowers:**

• Valid ITIN assignment letter from the IRS

• Foreign passport or consular ID (matrícula consular)

• Last 2–3 years of ITIN tax returns

• 12–24 months of bank statements (many ITIN lenders use bank statements instead of W-2s)

• Proof of consistent rent payment history (canceled checks or landlord letters)

**For all buyers:**

• Information about the property you intend to purchase

• Gift letter (if any portion of your down payment is a gift from family)

Tip: You do not need to have perfect paperwork before talking to a lender. Many local CDFIs and housing counselors will sit with you before you apply and help you organize what you have.