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. 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.” That’s pretty impressive! 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.
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 – until – when the maps are currently scheduled to change. Notice that with the USDA Map changes this fall, many places around Wilson will no longer be eligible for the program.
The map below shows the Change to the USDA Home Loan maps for Wilson NC scheduled to go into effect at the end of September, 2013. Note that several areas lost USDA Home loan status with the change, specifically the area near Lamm, Cloverleaf and Rosebud.
The 2013 USDA Home Loans Maximum Income Limits for Wilson County
- 1 to 4 people in the Household $74,750
- 5 or More in the Household $98,650
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. If you are applying for the NC First Time Home Buyer Program, be aware that it changed in May. There are now different qualifying Income Limits for Wilson County and they eliminated the maximum Sales Price Limits for the County. This program is for folks who are residents of NC and have not owned a primary residence in the past 3 years (so NOT just for First Time Homebuyers).
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.
- 2016 NC Housing Income Limits for Wilson County and the Wilson, NC area (how to calculate income)
- NC Home Advantage Mortgage / Maximum Household income of $87,500
- Mortgage Credit Certificate (MCC)/ Maximum Household income with 3+ persons of $80,000 (2016)
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 could LOSE the ability to do USDA Home Loans! Yikes!