We found this VERY cool map that shows exactly where you can purchase a home in Western Wake County using the 100% USDA program! As you can see, if you are on the “left side” of Ten Ten, in Holly Springs, or Fuquay – or parts of Apex, you qualify for this 100% program!
The “mortgage insurance” for USDA is considered a “funding fee” and is 2% (there’s also an annual fee of .3%). So if you purchased this home that’s currently for sale at $136900 – you would have your P&I calculated on $139,638. TODAY (and depending on when you’re reading all of this the house and the rates might be different) the P&I (principal and interest payment) for a 100%, no money down loan on this house, with no origination fee would be…
Can you believe that?? All the bad news on the airwaves, and you can buy this GREAT home at that price per month! WOW!
We recently did a comparison of No Money Down Home Loans in NC, and we still think USDA Home Loans might be the best option. Be careful about waiting though… Congress has changed some rules, and as it stand, USDA might not be offered in the same parts of NC starting in Dec of 2014 (click here for updated maps) , as it is now!