Just Released North Carolina USDA Income Limits
USDA Guaranteed Rural Housing Home Loans are an excellent choice for not only first time buyers but 
move-up buyers too. One of the biggest roadblocks to homeownership today is lack of down payment. But USDA loans give buyers a great no down payment option. Plus it offers a 30 year fixed interest rate. USDA is not as popular as FHA, but most of the time USDA is actually the better option because of the lower monthly PMI (called Annual Fee). Plus USDA does not require a down payment, where FHA has a minimum 3.5% down payment requirement. Team Move can help buyers in qualifying including if they meet the North Carolina USDA Income Limits.
In order to qualify for a USDA loan, there are two primary requirements besides the normal credit, debt to income, and asset qualifications. First, properties must be in a USDA Eligible Area. Check out our Step by Step Guide to Locate USDA Eligible Properties to find eligible homes in your area. Secondly, the total household income cannot exceed the USDA income limits for the county or area of the subject property. In this article, we show the North Carolina USDA Income Limits.
County Household Income Limits
The USDA income limits are based on the household income of everyone that will live in the property that is 18 or older. So household members that are not on the mortgage loan application are even included in the maximum limit.
Most of the counties in NC have the standard USDA Income Limits. For households of one to four members, the income limit is $75,650. In addition, if the household is five or more people, the income limit is $99,850. But, there are some counties in North Carolina that are higher than the standard limits as shown below in the chart.
Areas in North Carolina with higher USDA income limits
[av_table purpose=’pricing’ caption=” responsive_styling=’avia_responsive_table’] [av_row row_style=’avia-heading-row’][av_cell col_style=”]County / Area[/av_cell][av_cell col_style=”]Up to 4 Person Households[/av_cell][av_cell col_style=”]5 or More Person Households[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Charlotte NC[/av_cell][av_cell col_style=”]$78,800[/av_cell][av_cell col_style=”]$104,000[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Concord NC[/av_cell][av_cell col_style=”]$78,800[/av_cell][av_cell col_style=”]$104,000[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Gastonia NC[/av_cell][av_cell col_style=”]$78,800[/av_cell][av_cell col_style=”]$104,000[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Durham NC[/av_cell][av_cell col_style=”]$82,000[/av_cell][av_cell col_style=”]$108,250[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Chapel Hill NC[/av_cell][av_cell col_style=”]$82,000[/av_cell][av_cell col_style=”]$108,250[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Raleigh NC[/av_cell][av_cell col_style=”]$91,850[/av_cell][av_cell col_style=”]$121,250[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Camden County[/av_cell][av_cell col_style=”]$83,250[/av_cell][av_cell col_style=”]$109,900[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Dare County[/av_cell][av_cell col_style=”]$80,700[/av_cell][av_cell col_style=”]$106,500[/av_cell][/av_row] [/av_table]
You can Exceed the USDA Income Limits
So now you know the USDA income limits for NC. But what if your income is higher than these limits? There could one of five options that could help borrowers qualify when the household income is over the area limit. So, you can read these helpful tricks in our article “How to exceed the USDA Household Income Limits“.
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