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Old 04-29-2014, 05:23 PM
 
122 posts, read 134,706 times
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Hello,

We are planning to move into the Raleigh area this summer from California. Has anyone bought a new home in any of the surrounding cities? How did the USDA program work?

I would appreciate if anyone had experience buying in any of the new homes.

Thanks so much!
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Old 04-30-2014, 08:30 AM
 
1,663 posts, read 1,959,907 times
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It's a great program if you are interested in buying in a USDA zone. Thankfully the maps have not been updated this year, so you have a lot more options of where you can live. Just make sure you qualify, because there are income restrictions with this program. Wake County is $91,850 for total household income up to 4 people, and $121,250 for 5-8 people. The other surrounding counties have lower limits.

If you're a first time buyer, you can always do FHA with the North Carolina down payment assistance of 3%, which will get you in the door with about .5% down. This opens up your options of where you can buy a home, because it doesn't have the same restriction as USDA. Your interest rate is a little higher, but the DPA becomes free money if you stay in your home long enough as a primary residence.

First time home buyer also can get the MCC program which is up to $2,000 a year tax credit as well. There is a formula to calculate what your rebate is, but if you spend about $150,000, you will get the full amount. It's like a free mortgage payment or two every year
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Old 04-30-2014, 02:52 PM
 
122 posts, read 134,706 times
Reputation: 59
Thank you so much for the information… I will have to look into it further.
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