The Raleigh / Cary markets are considered an MSA (Major Suburban Area??) by the Government. So, in Wake County that’s how you will find the maximum income limits specified for Wake County. These numbers changed at the beginning of the year, and the new income limits (which are based upon the number of people in your household) are as follows:
1 to 4 person family $91,850
5 person or higher, the limit is $121,250
If you like the idea of using a USDA Home Loan to purchase a home in Wake County, and you meet the income requirements… then you also need to consider the property location. If you are considering a property in Apex, look at this map. If you are looking in Holly Springs, look at this line along Ten Ten – and if you are thinking about Wake Forest, check out the map here. If you have a specific address you want to check and see if it qualifies, you can always click here!
Remember, USDA Home Loans are 100% loans with no PMI! The Wall Street Journal says, “Created in 1991 as a way to boost homeownership in rural areas, the program is being tapped by home buyers in overbuilt exurbs who are attracted to the no-money-down terms.” (Click Here to see their interview with our client!)
For questions about purchasing a home using USDA – please call Steve and Eleanor Thorne at RCBNA, 919-649-5058. We’re EXCITED! It’s truly a great time to purchase a home in the Triangle!