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North Carolina FHA Home Loans

FHA Mortgage Loan Programs in North Carolina
FHA Loan Requirements - 2023 FHA Loan Limits

North Carolina FHA Loan | Requirements | 2023 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in North Carolina.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

North Carolina FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in North Carolina.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2023 FHA loan limits for all counties in North Carolina below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in North Carolina.  To have an FHA lender contact you, request a free consultation.

2023 North Carolina FHA Loan Limits

Below are the 2023 FHA loan limits for every county in North Carolina:

County Single Family (1 Unit) 2 Units 3 Units 4 Units
ALAMANCE  $472,030  $604,400  $730,525  $907,900
ALEXANDER  $472,030  $604,400  $730,525  $907,900
ALLEGHANY  $472,030  $604,400  $730,525  $907,900
ANSON  $472,030  $604,400  $730,525  $907,900
ASHE  $472,030  $604,400  $730,525  $907,900
AVERY  $472,030  $604,400  $730,525  $907,900
BEAUFORT  $472,030  $604,400  $730,525  $907,900
BERTIE  $472,030  $604,400  $730,525  $907,900
BLADEN  $472,030  $604,400  $730,525  $907,900
BRUNSWICK  $472,030  $604,400  $730,525  $907,900
BUNCOMBE  $472,030  $604,400  $730,525  $907,900
BURKE  $472,030  $604,400  $730,525  $907,900
CABARRUS  $472,030  $604,400  $730,525  $907,900
CALDWELL  $472,030  $604,400  $730,525  $907,900
CAMDEN  $507,150  $649,250  $784,800  $975,300
CARTERET  $472,030  $604,400  $730,525  $907,900
CASWELL  $472,030  $604,400  $730,525  $907,900
CATAWBA  $472,030  $604,400  $730,525  $907,900
CHATHAM  $602,600  $771,450  $932,500  $1,158,850
CHEROKEE  $472,030  $604,400  $730,525  $907,900
CHOWAN  $472,030  $604,400  $730,525  $907,900
CLAY  $472,030  $604,400  $730,525  $907,900
CLEVELAND  $472,030  $604,400  $730,525  $907,900
COLUMBUS  $472,030  $604,400  $730,525  $907,900
CRAVEN  $472,030  $604,400  $730,525  $907,900
CUMBERLAND  $472,030  $604,400  $730,525  $907,900
CURRITUCK  $507,150  $649,250  $784,800  $975,300
DARE  $603,750  $772,900  $934,250  $1,161,050
DAVIDSON  $472,030  $604,400  $730,525  $907,900
DAVIE  $472,030  $604,400  $730,525  $907,900
DUPLIN  $472,030  $604,400  $730,525  $907,900
DURHAM  $602,600  $771,450  $932,500  $1,158,850
EDGECOMBE  $472,030  $604,400  $730,525  $907,900
FORSYTH  $472,030  $604,400  $730,525  $907,900
FRANKLIN  $502,550  $643,350  $777,650  $966,450
GASTON  $472,030  $604,400  $730,525  $907,900
GATES  $507,150  $649,250  $784,800  $975,300
GRAHAM  $472,030  $604,400  $730,525  $907,900
GRANVILLE  $602,600  $771,450  $932,500  $1,158,850
GREENE  $472,030  $604,400  $730,525  $907,900
GUILFORD  $472,030  $604,400  $730,525  $907,900
HALIFAX  $472,030  $604,400  $730,525  $907,900
HARNETT  $472,030  $604,400  $730,525  $907,900
HAYWOOD  $472,030  $604,400  $730,525  $907,900
HENDERSON  $472,030  $604,400  $730,525  $907,900
HERTFORD  $472,030  $604,400  $730,525  $907,900
HOKE  $472,030  $604,400  $730,525  $907,900
HYDE  $483,000  $618,300  $747,400  $928,850
IREDELL  $472,030  $604,400  $730,525  $907,900
JACKSON  $472,030  $604,400  $730,525  $907,900
JOHNSTON  $502,550  $643,350  $777,650  $966,450
JONES  $472,030  $604,400  $730,525  $907,900
LEE  $472,030  $604,400  $730,525  $907,900
LENOIR  $472,030  $604,400  $730,525  $907,900
LINCOLN  $472,030  $604,400  $730,525  $907,900
MCDOWELL  $472,030  $604,400  $730,525  $907,900
MACON  $472,030  $604,400  $730,525  $907,900
MADISON  $472,030  $604,400  $730,525  $907,900
MARTIN  $472,030  $604,400  $730,525  $907,900
MECKLENBURG  $472,030  $604,400  $730,525  $907,900
MITCHELL  $472,030  $604,400  $730,525  $907,900
MONTGOMERY  $472,030  $604,400  $730,525  $907,900
MOORE  $472,030  $604,400  $730,525  $907,900
NASH  $472,030  $604,400  $730,525  $907,900
NEW HANOVER  $472,030  $604,400  $730,525  $907,900
NORTHAMPTON  $472,030  $604,400  $730,525  $907,900
ONSLOW  $472,030  $604,400  $730,525  $907,900
ORANGE  $602,600  $771,450  $932,500  $1,158,850
PAMLICO  $472,030  $604,400  $730,525  $907,900
PASQUOTANK  $805,000  $1,030,550  $1,245,700  $1,548,100
PENDER  $472,030  $604,400  $730,525  $907,900
PERQUIMANS  $805,000  $1,030,550  $1,245,700  $1,548,100
PERSON  $602,600  $771,450  $932,500  $1,158,850
PITT  $472,030  $604,400  $730,525  $907,900
POLK  $472,030  $604,400  $730,525  $907,900
RANDOLPH  $472,030  $604,400  $730,525  $907,900
RICHMOND  $472,030  $604,400  $730,525  $907,900
ROBESON  $472,030  $604,400  $730,525  $907,900
ROCKINGHAM  $472,030  $604,400  $730,525  $907,900
ROWAN  $472,030  $604,400  $730,525  $907,900
RUTHERFORD  $472,030  $604,400  $730,525  $907,900
SAMPSON  $472,030  $604,400  $730,525  $907,900
SCOTLAND  $472,030  $604,400  $730,525  $907,900
STANLY  $472,030  $604,400  $730,525  $907,900
STOKES  $472,030  $604,400  $730,525  $907,900
SURRY  $472,030  $604,400  $730,525  $907,900
SWAIN  $472,030  $604,400  $730,525  $907,900
TRANSYLVANIA  $472,030  $604,400  $730,525  $907,900
TYRRELL  $472,030  $604,400  $730,525  $907,900
UNION  $472,030  $604,400  $730,525  $907,900
VANCE  $472,030  $604,400  $730,525  $907,900
WAKE  $502,550  $643,350  $777,650  $966,450
WARREN  $472,030  $604,400  $730,525  $907,900
WASHINGTON  $472,030  $604,400  $730,525  $907,900
WATAUGA  $472,030  $604,400  $730,525  $907,900
WAYNE  $472,030  $604,400  $730,525  $907,900
WILKES  $472,030  $604,400  $730,525  $907,900
WILSON  $472,030  $604,400  $730,525  $907,900
YADKIN  $472,030  $604,400  $730,525  $907,900
YANCEY  $472,030  $604,400  $730,525  $907,900

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