USDA Home Loans are not just for buying farms! In fact, we don’t really offer that kind of Rural Development loan! We DO offer USDA Home Loans… 100%, No Money Down Home Loans that are insured and Underwritten by USDA! At this point in time, USDA Home Loans in Johnston County are available in every part of the County.
(Although if you want to use the USDA Home Loan to buy a horse farm in NC… you can!)
These loans have less insurance than FHA loans, so they are cheaper all the way around… but there are some catches!
The property has to fall within the USDA Home Loan “footprint.” All of Johnston County and Harnett County qualifies for this program… MUCH of the area around Apex, Holly Springs, Fuquay and Garner also qualifies! Generally speaking, the Garner area on the Harnett County side of 1010 does qualify, and the property towards Cary doesn’t.
We’ve posted several maps, every county in NC has an area that currently qualifies for the program. USDA Home Loans in Johnston County are available in every part of the County, however the “maps” are scheduled to update each December.
To qualify for a USDA Home Loan in Johnston County, near Raleigh, you also have to be under the Maximum Income. The Household income is based upon your family size, and USDA No Money Down Home Loan underwriters look at whether your children are in day care (for instance) to make adjustments to those USDA Maximum Income limits
The USDA Home Loan income limits for Johnston County NC in 2019 with a family of one to four people is $96,950. This is the combined income of everyone over 18 living in the home, even if they are not on the mortgage. For those families over four people the limit is $127,950.
We recently compared all of the No Money Down Home Loans in NC, and we still think that for folks who want to live in Johnston County – should consider the USDA Home Loans in Johnston County…
For a limited time, there are also $8,000 Grants available in Johnston County.
A Quick Note
We refer to these programs as “mortgage grants” because there are no payments to be made, there is no interest charge, and there’s no expectation that you will have to repay ANY of the money you receive for down payment, unless you move out of the property or refinance prior to the dates assigned by your specific down payment assistance program.
The literal term for this down payment assistance program is a “forgivable loan.” Under the terms of the program that best suits you, a portion of this down payment assistance will be forgiven on a schedule that we will share with you when you make loan application. These funds are available to us through NC Housing (NCHFA) and are available through other lenders in the state as well. The interest rates for these programs, however, will not vary from lender to lender as that is set by NC Housing.
CLAYTON NC:
Home Buyers in Clayton, McGees Crossroads, Archer Lodge, Smithfield, Benson, Four Oaks, Willow Spring or Kenly should be aware of the newest $8,000 mortgage Grant available to them. It requires that you have at least a 640 credit score, and buy a “used” home at $260,000 or less. New Homes do not qualify for this grant program.
A recent study shows that 60-72% of 25-34 year old rental households overestimate down payment requirements for a new home. They believe that an 11-15% down payment is required and are largely unaware of the down payment assistance programs that are available!
The money is “forgiven” at a rate of 20% each of the years 11 through 15 that you live in the home, and there is no interest that accrues, and no payments required.
This means that even if a spouse is NOT on a mortgage, their income will be considered when we are determining if you are under the maximum income allowed.
Only a handful of lenders in NC are offering this down payment program. Wake and Harnett Counties do qualify for this loan. With both the Grant and the USDA Home Loans, the Seller can pay for closing costs, or you can get a gift.
We close dozens of these loans No Money Down Home Loans each month in Wake and Johnston County (and Durham and Chatham and Harnett…) and we KNOW how they work! Please call Steve and Eleanor Thorne to get pre-qualified for a USDA Home Loan! 919-649-5058
Hi, Eleanor –
Today is Jan. 9th; are USDA maps changing on Jan. 15th, or will Congress vote another delay (which I hope they do!)
Thanks!
Hi, Today is Jan 14th. Do you think the USDA maps are changing tomorrow? Thanks.
It appears that it could be delayed – there’s no word on a compromise for a Farm Bill. If delayed, my guess would be that it will be announced tomorrow, and will delay until June. Check back, or subscribe. As soon as it’s announced, I’ll notify all.
Hello!
Does USDA use your income from your AGI on your tax returns or your income before all of the deductions on your pay check stub?
USDA is using the income on your paychecks before any deductions. However, there are some items we can deduct, and you might find this information helpful.