In many NC Counties, you have to check the USDA website to make certain that the property you want to purchase is located within the USDA “footprint.” But if you are buying in Johnston County (prior to October ) – you’re safe! The WHOLE COUNTY qualifies for USDA Zero No Money Down Home Loans.
That’s right, Johnston County Qualifies for USDA Home Loans, and it’s our understanding that it’s one of the LARGEST concentrations of USDA Home Loans in the Southeast. The good news is that is NOT going to change prior to the end of 2015 – even though other USDA Loans Clayton will see changes effective December 1, 2014.
To qualify for the program you need to have decent credit, and you need to buy a house that is located within the USDA Home Loan footprint – and you must be under the income limits for the county.
For now, at least, since the whole Joco Nation qualifies for USDA, all you have to check is your income. You just need to be certain that once you add up all of the gross income for everyone in your home (whether they are on the loan or not) and check to see that you are not OVER the maximum for the area.
The income limits vary by County in NC – so if you start out looking for a home in Johnston County, and you end up buying in Harnett County you’ll need to check the limits again. USDA No Money Down Home Loans have adjustments to income for things like Child Care, so be sure to check those adjustments too!
In Johnston County, the 2014 maximum income limits for USDA mortgages have recently changed! The newest numbers are:
1 to 4 persons in the home $91,850
5 or more persons in the home $121,250
The main thing you need to remember when applying for USDA no money home loans is that you need to have good credit – and you can not have total debts (with your mortgage payments) of more than 41% of your monthly gross income, or we’ll need to do a Debt Waiver request.
Below you will see the areas near Clayton NC and Smithfield NC map changes scheduled to go into effect on December 1, 2014. The main areas that are impacted are those that are close to Garner and Knightdale, well within the Wake County Borders.
This is a GREAT news, because earlier maps showed HUGE chunks of real estate in Johnston County that would no longer qualify for the program. According to the most recent Congressional decisions, ALL of Johnston County will continue to qualify for USDA Loans Clayton through at least 2015.
We recently did a comparison of all No Money Down Home Loans in NC, and we believe that for the person who wants to live in a rural setting like Johnston County, this is still the best program. It’s important to remember, however, that Congress has passed a guideline change due to the last Census, and parts of Wake County, (on the Johnston County Side of Raleigh) will lose the USDA Home Loan program on December 1, 2014.
If you have specific questions about what parts of Johnston County Qualifies for USDA Home Loans / or about the USDA No Money Down Home Loans and how you might qualify using this program – please call Steve and Eleanor Thorne, NC USDA Home Loan Experts , 919-649-5058.