Folks who are interested in living in a small town in NC, close to Raleigh are considering Wilson as a place to get a great deal. Also of note: You can get a USDA Loans in Wilson NC, and not have to put any money down on the home! That’s a Perk!
According to the Wilson Chamber, that’s no so surprising, because “Wilson is a community that offers diversity in everything from eating establishments to neighborhoods in which to live.” Whether you’re yearning for something as simple as a hot dog or four course meal, want to live in a historic home or feel more at home in a new condominium, you’ll find it all in Wilson.
Wilson is a place where people embrace community spirit.” They also have beautiful Wirligig park in downtown that were built by a local farmer – and they are BEAUTIFUL! We have friends who just moved to Wilson, and they say it feels like “home.” Kinda like Mayberry is what one person told me 🙂
Many of the people buying a home in Wilson, NC are considering the USDA Home Loan Program. Why? Because USDA Home loans in Wilson are available in most parts of the county with ZERO money needed for a downpayment. While there’s no maximum loan amount (like you have with FHA loans) the property must be located within the USDA “Eligibility” area.
Maps for USDA Loans in Wilson NC
Since 2020, those maps for USDA Loans in Wilson NC have been changing about every 6 months. In general, if you are trying to buy a property in an Incorporated City Limit, it will not likely qualify. But you should check! Give us an address, and we can tell you in just a minute!
USDA Loan Highlights:
- No Money Down Loans, Seller can pay closing costs
- In Ground Swimming pools are difficult to finance
- Credit Scores without NC Housing Aid must meet a minimum of 640 (See Bottom of this Page for more details on this First Time Home Buyer program available in Wilson)
- Very low USDA PMI rates
The maps below show the CURRENT USDA Eligibility Maps for Wilson NC – Notice that with the USDA Map changes this fall, many places around Wilson will no longer be eligible for the program. It will be subtle changes, an may go neighborhood by neighborhood. Generally it will happen when a property is Incorporated into the City limits.
The map below shows the USDA Home Loan maps for Wilson NC to the South. There are TONS of houses available in this area that do not require a down payment. Only the shaded areas do not qualify. You can see from the next image that most of Lamm, Cloverleaf and Rosebud still qualify for the program.
VIEW ALL USDA Underwriting Guidelines for NC
Income Limits for USDA Loans in Wilson NC
The USDA Loans in Wilson NC require that the income for the Household, meaning everyone living in the home over the age of 18, meet the maximum income limit. So a part time student, who is making 20k a year working through college and living at home would have their income counted in the mix. Even if they are not going to be on the loan, we are required to count the income of ALL household member in meeting the Eligibility Income. You can not exceed the income limits shown below for USDA Loans in Wilson NC.
- 1 to 4 people in the Household $103,500
- 5 or More in the Household $136,600
To QUALIFY for the mortgage, we will count the income of only those folks who have solid credit, and can be included on the loan to qualify for a USDA Home Loans in Wilson NC.
Closing Costs Paid with USDA Loans in Wilson NC
When you get pre-qualified for a mortgage loan, we are going to automatically see if you also qualify for one of the NC Affordable Housing Programs that we can use with the USDA Home Loans. These additional programs, offered by NCHFA use to be only available for First Time Homebuyers, but they now offer programs for those who previously owned a home. We CAN use 3% (for instance) from NC Housing to cover the closing costs associated with purchasing a home!
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.
The NC Affordable Housing program is a great benefit for those who qualify because if offers below market rates, a mortgage Tax Credit (MCC) and genearally helps homebuyers get approved for a little larger house than we could normally get them approved for. The programs does require a minimum Credit Score of 640 to qualify for the program.
- 2023 NC Housing 3% or 5% DPA Program the income limit for 1 to 2 people in the household is $126,000
- 2023 NC Housing *$15000 DPA Program the income limit for 1 to 2 people in the household is $87,000
- 2023 NC Housing 3% DPA Program the income limit for 3 or more people in the household is $126,000
- 2023 NC Housing *$15000 DPA Program the income limit for 3 or more people in the household is $101,000
- 2023 Mortgage Credit Certificate income limits follow the $15000 DPA Program Matrix
* The $15000 DPA Program through NC Housing is for first time homebuyers. It can not be used with the Mortgage Credit Certificate. Like the 3% program – you must use all of the funds from the DPA at closing, the buyer does not get any of those funds back at closing. The maximum Sales Price for the $15000 program ONLY in Wilson NC is $385,000. If you use the 3% program, you do not have sales price restrictions.
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 continue to change about every 6 months in NC. So call us to find out if the property you are interested in qualifies for a USDA Loan in Wilson NC!
I try and answer all questions :)