The Raleigh / Cary real estate markets are considered a Major Suburban Area by the Government. When you are looking for Maximum Income Requirements for USDA Loans, on the USDA Eligibility Website – you will need to look at Raleigh / Cary Guaranteed Loans.
In Wake County that’s how you will find the Maximum Income Limits USDA Loans Raleigh. These numbers change at the beginning of the year, and the current maximum income limits for Raleigh (and Wake County) are based upon how many people are living in your home.
1 to 4 person family $91,850
5 person or higher, the limit is $121,250
Understand that USDA is looking for 2 different parts of income. First, they want to know if the income that is received in the home exceeds the maximum income for that area. Second – USDA wants to see if the income received in the home can be considered “reliable” and therefore used to qualify the borrower for the mortgage loan.
If you’ve been told you make too much money to qualify for a USDA Home Loan in Raleigh NC – call us. Many Loan Officers simply don’t know the adjustments that can be made to qualify someone for a USDA Home Loan.
Qualifying for a USDA Home Loan is fairly easy, because the Seller can pay your closing costs, and there are no down payment requirements. Additionally, the minimum credit score requirements for a USDA Loan are between 620 and 640 – and there are VERY low monthly PMI fees, so there’s no surprise fees to jack the house payments higher!
If you like the idea of using a USDA Home Loan to purchase a home in Raleigh, and you meet the credit score and income requirements… then you also need to consider the property location. If you are considering a property in Apex, look at this USDA Loan map.
Remember, USDA Home Loans are 100% loans with LOW PMI! The Wall Street Journal says, “Created in 1991 as a way to boost home ownership in rural areas, the program is being tapped by home buyers in overbuilt suburbs 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 a USDA home loan, or the Maximum Income Limits USDA Loans Raleigh – please call Steve and Eleanor Thorne 919-649-5058. We’re EXCITED! It’s truly a great time to purchase a home in Raleigh!