Home financing in Washington County.

Home financing means borrowing money to purchase a home and repaying that loan over time — usually 15 to 30 years — with interest. The loan is secured by the home itself, which means the lender holds a legal claim on the property until the loan is fully paid off.

The most common types of home loans available in Washington County include:

• **Conventional loans** — offered by banks and credit unions, typically requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the Federal Housing Administration, these allow lower down payments (as low as 3.5%) and are more flexible on credit history. They are a popular starting point for first-time buyers.

• **USDA Rural Development loans** — because most of Washington County is classified as a rural area, many buyers here qualify for USDA loans, which can offer zero down payment and competitive interest rates.

• **VA loans** — for eligible veterans and active-duty military, offering strong terms and no down payment requirement.

• **ITIN loans** — for borrowers who do not have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN). Several lenders and CDFIs offer these.

Interest rates, fees, and terms vary by lender and loan type. The goal of this guide is to help you find the right fit for your situation — not to push you toward any particular product.

Washington County is a small, rural county in the Inner Banks region of eastern North Carolina, anchored by the town of Plymouth.

The local economy is shaped by agriculture, timber, fishing, and small businesses.

Many residents are self-employed, work seasonal or contract jobs, or have income that doesn't come from a traditional W-2 paycheck. That is completely fine — it just means your loan application will look a little different.

**You may qualify if you:**

- Have steady income, even if it is seasonal or self-employment income

- Have a credit score of 580 or higher (some programs go lower)

- Have lived or worked in the area for at least two years

- Can show consistent deposits into a bank account, even without formal pay stubs

- Have an ITIN instead of a Social Security number (ITIN loans are available)

- Are a first-time buyer with little saved for a down payment (down payment assistance exists)

**USDA eligibility is especially relevant here.** Washington County is largely rural, which means most addresses qualify for USDA Rural Development home loans — including the Section 502 Direct Loan program, which serves very low- and low-income buyers directly, and the Section 502 Guaranteed Loan program, which works through approved local lenders.

Even if your credit history is thin or you've had past financial hardship, talking with a HUD-approved housing counselor in the region can help you build a path to approval. There is no pressure and no cost for that kind of guidance.

Gathering your documents before you meet with a lender saves time and stress. Here is what most lenders will ask for:

**Identity and residency:**

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

- Social Security number or ITIN

- Proof of address (utility bill, lease, bank statement)

**Income:**

- Last two years of federal tax returns (personal and business, if self-employed)

- Last two to three months of bank statements

- W-2s or 1099s for the past two years

- If self-employed: profit-and-loss statement for the current year

- If you receive rental income: lease agreements and Schedule E tax forms

**Assets:**

- Bank and investment account statements (last 2–3 months)

- Documentation of any gift funds used for a down payment (a gift letter is required)

**Property:**

- Signed purchase agreement (once you have one)

- Property address for the lender to order an appraisal

**Credit:**

- Lenders will pull your credit report themselves, but it helps to review it beforehand at AnnualCreditReport.com — it's free and will not hurt your score.

If you are applying for a USDA Direct Loan, the USDA Rural Development office will walk you through additional program-specific documentation. If you are working with a CDFI or ITIN lender, they are often more flexible about which documents they accept as proof of income or identity.