MANY people we talk to love Wake Forest – and they know this is the “small town” they want to live in! One of the best programs for first time home buyers is the program known as USDA Home Loans Wake Forest and Rolesville NC, which offers very low mortgage interest rates.
These are 100%, no money down loans, that are more affordable because they also have very low Monthly USDA PMI (which makes them cheaper on a monthly basis than FHA), and in most of the cases we see… the SELLER is paying some of the Closing Costs!
Unfortunately USDA Home Loan Eligibility Maps for Wake Forest and Rolesville NC could be changing at the end of 2020, 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.” USDA Home Loan Maps have been “fixin’ to get ready to change” since 2012. Congress kicked the can on deciding what is Rural, so the next MAJOR change is now scheduled for 2020… HOWEVER, each year, as new Census data is released, more streets and neighborhoods in and around Wake Forest will see changes to the maps about every six months.
To qualify for USDA Home Loans in NC, in general:
- you need to have two credit scores that are between 600 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 Home 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 Major USDA Map Changes in 2020 – these areas will no longer be eligible for USDA Home Loan financing.
The “TAN” Areas on the map below do not qualify for the USDA Home Loan Wake Forest and Rolesville Program. 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 red lines on the Maps below show the USDA Home Loans Wake Forest areas that will be changing in coming months.
USDA Home Loans Wake Forest and Rolesville NC FAQs
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 of 2%).
What are the Credit Score Requirements for USDA Home Loans in Wake Forest?
You need two credit scores over 640 for automated approval. We might be able to get you approved if you have 2 scores over 600 – 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. 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 $96,950 and for a family of 5 or more it’s $127,950.
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 USDA Home Loans Wake Forest and Rolesville NC. We have the best mortgage rates available in North Carolina
once I retire, I’m looking to relocate to NC closer to my family my income qualifies me for a USDA loan, I know the steps to take to get started, my question to you is what is the time frame to be able to apply before the changes take effect in the areas in the Wake Forest/Rolesville area in 2020?
The Budget for 2020 changes on December 31st. Having said that, incorporated areas in NC – meaning if you are looking for home, it says Wake Forest as the address, but the home is NOT in the “Town Limits” will still likely qualify. The budget also Budget for 2019/2020 also states that they are trying to get rid of the USDA Direct Program all together (Which is generally for low income households).
What I’m saying is that December 2020 is a long way off – and with so many potential changes in DC, it’s hard to know exactly what will happen. Please keep our contact information – we would love to welcome you to NC 🙂 919 649 5058