USDA Home Loan Income Limits Change in NC for 2013

It’s February 7th – and the USDA Single Family Origination Division just notified all that the 2013 Income Limits for the Single Family Guaranteed Loan Program have changed.

As we look at the published changes, the largest change for the Income numbers in NC will be seen in the Charlotte Mecklenburg area and the Durham area – where limits decreased significantly

The North Carolina USDA Home Loan programs provides no downpayment loans with very low interest rates.  The program is designed for those who want to live in more rural parts of North Carolina.

The two major Qualifying Requirements are that the property must be located in a “designated” USDA Home Loan area – and that the household income must meet the limits set by USDA.

Effective Immediately the 2013 USDA Home Loan Income Limits for North Carolina that moved lower are:

Charlotte-Gastonia-Rock Hill, NC-SC MSA in 2012 the Maximum income for this area was 104000.  In 2013, for a family of up to 4 – the maximum income for USDA Home loans in Charlotte-Gastonia-Rock Hill, NC-SC MSA (for the guaranteed loan program) is $78,800.  The income for this area for 5+ members of a household is $104,000.

If you are in the Charlotte / Gastonia / Rock Hill area – you want to be sure you are looking at the CORRECT number since it is broken into 2 parts – and each part has different income numbers!

Durham-Chapel Hill, NC MSA in 2012 the Maximum income for this area was $108,250.  In 2013, for a family of up to 4 – the maximum income for USDA Home loans in Durham-Chapel Hill, NC MSA (for the guaranteed loan program) is $82,000.  The income for this area for 5+ members of a household is $108,250.

Person County (Roxboro), NC MSA in 2012 the Maximum income for this area was $98,650.  In 2013, for a family of up to 4 – the maximum, income for USDA Home loans in Person County (Roxboro), NC MSA (for the guaranteed loan program) is $74,750.  The income for this area for 5+ members of a household is $98,650.

Fayetteville, NC MSA in 2012 the Maximum income for this area was $98,650.  In 2013, for a family of up to 4 – the maximum, income for USDA Home loans in Fayetteville, NC MSA (for the guaranteed loan program) is $74,750.  The income for this area for 5+ members of a household is $98,650.

NC Counties that saw income limits INCREASE in 2013 include:

Camden County, NC  in 2012 the Maximum income for this area was $98,650.  In 2013, for a family of up to 4 – the maximum, income for USDA Home loans in Camden County, NC (for the guaranteed loan program) is $74,950.  The income for this area for 5+ members of a household is $98,950.

Dare County, NC in 2012 the Maximum income for this area was $80,150.  In 2013, for a family of up to 4 – the maximum, income for USDA Home loans in Dare County, NC (for the guaranteed loan program) is $80,350.  The income for this area for 5+ members of a household is $106,050.

Remember that you can take a deduction for the care of minors 12 years of age or under, to the extent necessary to enable a member of the applicant/borrower’s family to be gainfully employed or to further his or her education.

The deduction will be based only on monies reasonably anticipated to be paid for care services and, if caused by employment, must not exceed the amount of income received from such employment.  Payments for these services may not be made to persons whom the applicant/borrower is entitled to claim as dependents for income tax purposes.  Full justification for such deduction must be recorded in detail in the loan docket.

Connect with us on Google Plus or Facebook! If you have questions about qualifying for a USDA Home Loan in NC, call Steve and Eleanor 919 649 5058 Remember, the USDA Home Loan Maps could be changing September 30, 2013… in fact, almost 1/3 of North Carolina (those MSA Areas above) could LOSE the ability to do USDA Home Loans! Yikes!