Wake Forest NC has one of the coolest downtown areas in the state of NC. It’s no wonder so many people want to live in this town that’s just north of Raleigh. With the new 540 Beltway extension, there’s super fast access to all of the jobs in the RTP. For many home buyers, another benefit has been the ability to buy a house the FHA Loans in Wake Forest NC. Why? Because with this program, you can get a down payment assistance “grant” meaning you can by a house with very little money out-of-pocket.
Common misconception – 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 loan limits per county in NC. Below find specific information regarding FHA loans and First Time Home Buyer Programs available in Wake Forest, NC
2017 FHA Loan Amount Limit for Wake Forest and Raleigh | Wake County, NC
- One Family Dwelling: $300,150
- Two Family Dwelling: $384,250
FHA Loans have a minimum credit score requirement for the very best rates of 660, although we’ve recently been able to get loans approved with scores as low as 600. The down payment requirement is 3.5%, and this can be a gift or a grant. The Seller can contribute to Closing costs, and with mortgage rates going up this year – we expect the housing market in Wake Forest NC is going to continue to be a Seller’s Market.
Renting is more expensive than a mortgage payment for most folks. We just did a comparison over the weekend for our son. He has a nice 3 bedroom home with a full unfinished basement. He pays $1150 a month for this single family home. If he BOUGHT a $150,000 house – his TOTAL mortgage payment would be $937. Money is cheap, home prices are cheap – now is the time to encourage your kids to buy their first home!
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 down-payment in Wake Forest, you can also get a Grant (assuming you qualify) for 3% that you can use for the down-payment or to cover part of your closing costs. The NC Housing (I’ll refer to it here as NCHFA) Grant is available to those with maximum household for a family of 1 – 4 of $87,500. The MCC Mortgage Tax Credit 2015 income limit for a family of 3 or more is $87,500. 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