MANY people we talk to love Wake Forest – and they know this is the “small town” they want to live in! It can be difficult to tell exactly WHERE you can purchase a home that qualifies for USDA Home Loan Financing. These are 100%, no money down loans, with very low Monthly USDA PMI (which makes them cheaper on a monthly basis than FHA, and you CAN make a down payment if you want to), and in most of the cases we see… the SELLER is paying the Closing Costs! Unfortunately USDA Home Loan Eligibility Maps Wake Forest and Rolesville NC will be changing December 1, 2014, and several of the areas that currently qualify for the program will lose it.
What is the USDA Home Loan Eligibility Map?
To purchase a home with the USDA Home Loans Wake Forest program, the property must be located within the USDA Home Loan Eligibility Map “footprint.” Meaning it must be “officially” located within an area that USDA says is “rural.”
To qualify for USDA Home Loans in NC, in general:
- you need to have two credit scores that are between 620 and 640
- you need to be under the maximum income limit set for your area
- the property needs to be within the Eligibility Maps for the USDA no money down home loans program!
Many of our competitors are NOT doing USDA Mortgage Loans – but we are closing them every week! Below you will see maps of the areas that CURRENTLY qualify for USDA Home Loans in Wake Forest and Rolesville. You’ll notice Heritage, for instance, is within the “approved” area. After the USDA Map Changes in December – these areas will no longer be eligible for USDA Home Loan financing.
The areas below that are “shaded” currently qualify for USDA Home Loan financing in Wake Forest and Rolesville , but again, these USDA Eligibility maps are due to change.
The maps below reflect the changes expected to take place December 1, 2014.
The red lines on the Maps below show the USDA Home Loans Wake Forest areas that will be changing on December 1, 2014
What types of mortgage loans are available with a USDA Home Loans Wake Forest?
The USDA Home Loan Program offers 30-year fixed rate mortgages only. These are NOT for Construction Loans – There is no 15-year fixed rate mortgage. There are no adjustable-rate mortgages. 30-year fixed only.
What is the USDA home loan Wake Forest program’s minimum down payment?
USDA Home Loans have no down payment requirement. You can finance over 100% of the property value with a USDA loan (They let you finance the USDA PMI premium).
What are the Credit Score Requirements for USDA Home Loans in Wake Forest?
You need two credit scores over 640. We might be able to get you approved if you have 2 scores over 620 – it will just depend on all of the other factors that play into your qualification picture. If you have assets left over after closing, or if you are not going to have payment shock. If you have MULTIPLE layers of risk, the NEW USDA Loan approval model is looking for a credit score of 680! Any Foreclosure, Deed In Lieu, or Short Sales need to be at least 36 months behind you, and you need to have re-established credit.
What are the Income Limits for USDA Home Loans in Wake Forest, NC?
You must be under the USDA Home Loan Income Limit for the County you wish to purchase a home in. The Income limits vary by household size, and there are exceptions that can be made to help you qualify – so if you’ve been told you’re just over the limit – call us. So many loan officers don’t really know how the exemptions work. The Income Limit for USDA Home Loans in Wake Forest right now for a family of 1 to 4 people is $91,850 and for a family of 5 or more it’s $121,250.
Following the USDA Home Loan Maps for Wake Forest and Rolesville NC to find a home is one thing… Structuring the contract correctly for Seller Concessions can be tricky. There’s specific wording the Underwriters are looking for. We work with TOP Real Estate Agents in this area who are familiar with the market, how to negotiate for the Seller to Pay Closing Costs, and how to get you the best price on a home in Wake Forest and Rolesville!
Call Steve Thorne 919-649-5058 USDA Home Loan Experts if you have questions on Qualifying for a USDA Home Loan in Wake Forest NC and Rolesville NC. We have the best mortgage rates available in North Carolina