FHA Loans are not just for First Time Home Buyers – but they are only reserved for Owner Occupied Properties, and they come with some restrictions, including maximum income limits per county in NC. Below find specific information regarding FHA loans and First Time Home Buyer Programs available in Wake Forest, NC
FHA Sales Price Limit for MSA Wake Forest, Raleigh 27587
Wake County, NC
- One Family Dwelling: $295,000
- Two Family Dwelling: $377,650
- Three Family Dwelling: $456,500
If you are interested in purchasing a Quadraplex, please call us for more details. While this is a great investment strategy for some, there are many details that we will need to go over with you.
Remember that Condos must meet the FHA Approval process – meaning that high concentration of NON-owner occupied units will probably not work.
Maximum Income Limits in Wake Forest / Raleigh, NC
There are no maximum Income limits for a FHA loan, unless you are applying for a First Time Home Buyer Program. The NC First Time Home Buyer Program is for folks who are residents of NC and have not owned a primary residence in the past 3 years.
- Income Limits for Wake County (how to calculate income)
- 1 to 2 people in Household $79,000
- 3+ people in Household $89,900
- Maximum Sales Price for First Time Home Buyer Program in Wake Forest and Raleigh (new or existing homes) $225,000
- Minimum Credit Score Requirements 600
- Downpayment Assistance is Available for this area
- Mortgage Credit Certificate is available for Wake Forest, NC
Q: Isn’t it harder for houses to qualify for an FHA mortgage than a traditional mortgage?
A: FHA has eliminated most of the barriers to a property qualifying in January of 2006. The only thing we still find pretty consistently in NC is a problem with “out buildings.” If an outbuilding appears to have lead paint (meaning it hasn’t been painted for 20 or 30 years or the paint is PEALING) then it will have to be repainted prior to closing, even if it’s not the “home” you will be living in.
Generally speaking, however, if a home is in good enough condition to qualify for a traditional mortgage, it will also qualify for an FHA mortgage.
Q: Do I have to use one of FHA’s Preferred Real Estate Specialists in Wake Forest or Raleigh?
A: You are not required to work with a Preferred Real Estate Specialists to buy a home with FHA financing in Wake Forest or Raleigh. You may work with any Real Estate agent you choose. We do work with TOP real estate agents in the Wake Forest / Raleigh area, and offering you the option of working with someone we already know is just another way that we help you become a homeowner.
Q: Can the 3.5% downpayment be a Gift or can I get a Grant?
A: Yes! You can get a gift for the FHA Downpayment in Wake Forest, you can also get a Grant, or you can get Downpayment assistance from the State. Additionally, the Seller is allowed to pay most closing costs for FHA loans in Wake Forest, NC.
Looking for a home in the Wake Forest, NC/ Raleigh area? Call Steve and Eleanor Thorne 919 649 5058. We do TONS of FHA loans in NC and we’d love to help you! We also have Today’s Best Mortgage Rates in Wake Forest and Raleigh