30 November . 2023
What you need to know when buying your first home in Raleigh, NC
Raleigh recently ranked as a top U.S. metro for first-time homeowners in a report by Bankrate! In the report, Bankrate assessed the nation’s 50 largest metro areas based on affordability, market tightness, job market and wellness and culture, and Raleigh ranked third overall.
If you are looking to buy your first home in the Raleigh area, here are some things you need to know:
Get preapproved
Before starting your home search, you will want to get a mortgage preapproval. This official document from a lender specifies your loan eligibility based on your financial information, helping establish your budget and streamline the homebuying process. Having a preapproval letter also shows you are a serious buyer, and can give you the edge over buyers who haven’t taken this step yet.
Check and maintain your credit score
When starting the journey of purchasing a home, check and maintain your credit score, and don’t take any risks, miss any bills or open any new lines of credit or personal loans. Lenders will monitor your credit report during preapproval, and any changes could impact your final approval. Having a higher credit score will typically lower your interest rate, giving you more flexibility in spending.
First-time home buyer assistance in North Carolina
As a first-time homebuyer in North Carolina, you can take advantage of homebuyer assistance options, including the NC 1st Home Advantage Down Payment, the NC Home Advantage Mortgage and the NC Home Advantage Tax Credit. Learn more about the finance assistance options available through the North Carolina Housing Finance Agency here.
Loan options
In North Carolina, homebuyers have access to a variety of loan and mortgage options, so it is important to compare loan offers from different lenders to find the best terms and interest rates for you. You may qualify for loan and mortgage options, such as conventional mortgage, FHA loan, VA loan or USDA loan. Contact a lender to discover which loan is right for you.
Create a list of wants and needs
Identify your non-negotiables by developing a comprehensive list of preferences, including home size, floorplan, location and community, to ensure a focused and efficient home-buying process. Use our Homefinder tool to easily filter available plans at Wendell Falls to find the home that's right for you.
Consider townhomes
Townhomes are an excellent choice for first-time homebuyers, thanks to their exceptional value and low maintenance. These versatile residential units offer a compelling combination of affordability and amenities, making them an attractive entry point into homeownership.
Wendell Falls has a variety of townhomes available from the low $300,000s. Crafted by renowned builders, such as Brookfield Residential, Garman Homes and Homes By Dickerson, these townhomes are designed to meet the evolving needs of modern homeowners. Many of our builders are offering incentives through the end of the year as well, like this rate buydown offer from Homes By Dickerson.
Consider the community
When purchasing your first home, consider the kind of community you want.
Living in a community like Wendell Falls offers numerous advantages, including access to amenities and a variety of conveniences. From pools and trails to parks, restaurants, coffee shops, Publix and more, Wendell Falls offers a vibrant community that seamlessly blends urban convenience with the charm of small-town living. Wendell Falls also has a thriving lifestyle program, with events and socials just for residents, so it is easier to meet your neighbors and get involved in the community. Learn more about life at Wendell Falls here and discover your perfect home here.
Wendell Falls is located just 15 miles from downtown Raleigh, North Carolina, one of the fastest-growing metro areas in the U.S. Explore artfully crafted new homes and townhomes from the low $300,000s – $900,000s+.