Frequently asked questions.

Frequently Asked Questions (FAQs)

  1. What is the process for buying a home in North Carolina?


The home-buying process typically involves several steps:

  • Pre-approval: Get pre-approved for a mortgage to understand your budget.

    • Home Search: Work with a real estate agent to find homes that meet your criteria.

  • Making an Offer: Once you find a home, you’ll submit an offer.

  • Inspections: Conduct inspections to identify any issues.

  • Closing: Finalize the sale, sign paperwork, and transfer ownership.

  1. How do I qualify for an FHA loan in North Carolina?


To qualify for an FHA loan, you generally need:

  • A credit score of at least 580 for a 3.5% down payment (or 500-579 for a 10% down payment).

  • Steady employment history and proof of income.

  • A debt-to-income ratio of 43% or lower.
    Consult with a lender for specific requirements.

  1. What are the property taxes like in North Carolina?


Property taxes in North Carolina vary by county. On average, the state has a property tax rate of about 0.85%. It’s essential to check with your local county tax office for specific rates and exemptions.

  1. Are there any first-time homebuyer programs in North Carolina?


Yes, North Carolina offers several programs for first-time homebuyers, including:

  • The NC Home Advantage Program, which provides down payment assistance.

  • The NC Housing Finance Agency offers affordable mortgage options.
    Research available programs to see which one suits your needs.

  1. How long does it take to close on a home in North Carolina?


The closing process typically takes 30 to 45 days after an offer is accepted, but it can vary based on several factors, including financing and inspections.

  1. What should I look for when buying a home?


When buying a home, consider:

  • Location and neighborhood amenities

  • Condition of the property and necessary repairs

  • Future resale value

  • Proximity to schools, work, and recreational activities

  1. Can I back out of a real estate contract in North Carolina?


Yes, you can back out of a real estate contract under certain conditions, usually during the due diligence period. This period allows buyers to conduct inspections and research without penalties. After the due diligence period, backing out may result in losing your earnest money deposit.

  1. What do I need to know about selling my home in North Carolina?


When selling your home, consider:

  • Setting the right price based on market analysis.

  • Making necessary repairs or improvements to attract buyers.

  • Working with a real estate agent to market your property effectively.

  • Understanding the closing costs involved in the sale.

  1. Are there any specific disclosures required when selling a home in North Carolina?


Yes, sellers in North Carolina are required to provide a Residential Property Disclosure Statement, which includes information about the property’s condition and any known issues. This is crucial for transparency and protecting both parties during the transaction.