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North Carolina FHA Loans

Highly Competitive FHA Mortgage Programs in North Carolina
First Time Home Buyer Mortgages - Mortgage Refinance Loans

North Carolina FHA Loan | Requirements | Limits | Apply

Our goal is to provide you with all of the information and tools you need in order to determine if a FHA loan is right for you. On this page, you can view the 2019 North Carolina FHA loan guidelines, view loan limits by county, and calculate your monthly payment.  These guidelines include the FHA requirements related to credit history, income, employment, and the type of property you want to purchase.  After reading the loan requirements and loan limits, you can use our detailed FHA calculator, which will allow you to see what your monthly payment, mortgage insurance, and monthly escrow will be.

One of the most common questions people ask is regarding where in North Carolina FHA loans are available. They are available throughout every county of the state, and you can view the max lending limits for your county below.  FHA mortgages are especially popular in urban areas, such as: Charleston, Columbia, Greenville, Mount Pleasant, and North Charleston.  However, you can finance a home purchase with a FHA loan in smaller towns and rural areas as well.

North Carolina FHA Loan Requirements

Keep in mind that each application is looked at individually, and FHA loans have a considerable amount of leniency in what is required for an approval. There are some concrete loan requirements set out by the FHA though, which dictates what loans they will insure. The following information is written in the context of buying a home with a FHA loan. If you already have a FHA loan, or if you wish to refinance into a FHA loan, please click here to learn about FHA refinancing.

The mandatory North Carolina FHA loan requirements for a home purchase are as follows:

  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. The FHA does not insure investment properties. Multifamily homes are allowed, which can have up to 4 units, but you must occupy at least one of them for it to be eligible for a FHA home loan in North Carolina.
  • Credit Score – A credit score of 580 or higher is needed for FHA loans.  This includes first time home buyer mortgages, repeat buyer loans, and any FHA refinance program.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistency of income.
  • Income Documentation – Pay stubs and tax returns are required to show employment income, as well as bank statements, including your checking or savings accounts.
  • DTI Ratio – Your monthly debts, including your new mortgage payment, must not exceed 43% of your bring home income.  What you want to do is calculate all of your current monthly debts (do not include anything that does not show on your credit report – only those that appear on a credit report are counted).  Then, take the total of your current debts, plus what your expected new mortgage payment, and get a total.  Let’s say your current monthly debts are $750 and your new mortgage payment will be $1,000/month.  Your total monthly debts would be $1,750.  Compare this amount to your monthly income to calculate your DTI ratio.  Your monthly debts compared to your monthly income shall not exceed 43% for you to qualify for a FHA loan.

You can calculate your new FHA payment below. Not sure what your FHA interest rate will be?  We can provide you with a free consultation and rate quote.

FHA Mortgage Calculator

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Total Monthly Payment

$0

FHA base loan amount$0
FHA upfront MIP 1.75%$0
FHA total loan amount$0
Principal & interest$0
FHA MIP 0%$0
Monthly escrow$0
Down payment0%

  • Price of Home – Enter the price of the home you want to buy. If you do not have a home in mind yet, just add in a number in the range you expect to want to buy a home for.
  • Mortgage – The second field titled “mortgage”, is by default on a 30 year fixed loan schedule.  This is the most common loan repayment schedule selected for FHA loans.  You can change it to 20 years, 15 years, or 10 years if you want a shorter loan amortization.
  • Interest Rate – The interest rate a borrower receives depends on their credit, income, and other qualifying factors.  To get an actual rate quote, you will need to speak with a licensed loan officer.  You can call 1-800-731-3560 to speak with get pre-qualified and get a rate quote.
  • Down Payment – FHA loans require a 3.5% down payment.  If you would like to put more down, add in more into the down payment field.  Please note that not everyone will qualify for a 3.5% down payment, and of course, not all applicants are approved for a loan at all.  The 3.5% is the amount that many FHA loan applicants will be allowed as a minimum down payment.
  • Property Taxes – Add the annual taxes for the home you want to buy.  To find out how much the annual property taxes are, check with the county assessor.  You can also ask a real estate agent to help you find out what the exact annual property taxes are for a home you are interested in.
  • Annual Insurance – The amount that the annual homeowners insurance will cost depends on the property you intend to buy, your homeowners insurance claim history (if you have owned a home before, and had to make a claim), and the specific homeowners insurance company that you select to insure your home.
  • Down Payment – This is the percentage that is calculated based upon the home purchase price and the down payment amount.

After submitting information into these fields, it will calculate how much the FHA mortgage payment will be based upon what is entered.  The next set of data presented on the right side and shows under the total monthly payment is as follows:

  • FHA Base Loan Amount -This is the amount of your loan after subtracting your down payment from the total, but prior to adding in the FHA upfront mortgage insurance premium (UPMIP).
  • FHA Upfront MIP – All FHA loans require a 1.75% upfront mortgage insurance premium to be paid. This is calculated from the base loan amount. This 1.75% is the same for any borrower and on any type of FHA loan. It does not vary from one FHA lender to another.
  • FHA Total Loan Amount – This is the combined total of your FHA base loan amount (after subtracting the down payment), along with the FHA UPMIP. You have the option to pay the FHA UPMIP amount out of pocket, or you can wrap it into the loan amount.  Most decide to include it in the loan amount, so we have it automatically added on the calculator.
  • Principle and Interest – This is the amount of your mortgage payment before adding mortgage insurance, and property taxes, and property insurance.
  • FHA MIP – This is the monthly mortgage insurance premiums required on all FHA loans.   The amount depends on the type of loan, how many years the repayment schedule is (such as 15 years or 30 years), and the loan-to-value (LTV) ratio.  A 15 year loan with a LTV less than 90%, the monthly MIP will be 0.45%.  A 15 year loan with a LTV greater than 90%, the monthly MIP will be 0.70%.  For a 30 year loan with a LTV less than 95% the monthly MIP is 0.80%.  For a 30 year loan with a LTV greater than 95%, the monthly MIP is 0.85%.
  • Monthly Escrow – This is how much your property taxes and property insurance is after taking the annual amounts and dividing them by 12 monthly payments.

Would you like to receive more information or apply for a FHA loan?

North Carolina FHA Loan Limits
Below are the 2019 FHA loan limits for North Carolina.  These numbers represent that maximum loan size available using an FHA loan in each county.

County Single Family (1 Unit) 2 Units 3 Units 4 Units
ALAMANCE $314,827 $403,125 $487,250 $605,525
ALEXANDER $314,827 $403,125 $487,250 $605,525
ALLEGHANY $314,827 $403,125 $487,250 $605,525
ANSON $314,827 $403,125 $487,250 $605,525
ASHE $314,827 $403,125 $487,250 $605,525
AVERY $314,827 $403,125 $487,250 $605,525
BEAUFORT $314,827 $403,125 $487,250 $605,525
BERTIE $314,827 $403,125 $487,250 $605,525
BLADEN $314,827 $403,125 $487,250 $605,525
BRUNSWICK $314,827 $403,125 $487,250 $605,525
BUNCOMBE $314,827 $403,125 $487,250 $605,525
BURKE $314,827 $403,125 $487,250 $605,525
CABARRUS $317,400 $406,300 $491,150 $610,400
CALDWELL $314,827 $403,125 $455,800 $605,525
CAMDEN $726,525 $930,300 $1,124,475 $1,397,400
CARTERET $314,827 $403,125 $487,250 $605,525
CASWELL $314,827 $403,125 $487,250 $605,525
CATAWBA $314,827 $403,125 $487,250 $605,525
CHATHAM $403,650 $516,750 $624,600 $776,250
CHEROKEE $314,827 $403,125 $487,250 $605,525
CHOWAN $314,827 $403,125 $487,250 $605,525
CLAY $314,827 $403,125 $487,250 $605,525
CLEVELAND $314,827 $403,125 $487,250 $605,525
COLUMBUS $314,827 $403,125 $487,250 $605,525
CRAVEN $314,827 $403,125 $487,250 $605,525
CUMBERLAND $314,827 $403,125 $487,250 $605,525
CURRITUCK $458,850 $587,400 $710,050 $882,400
DARE $391,000 $500,550 $605,050 $751,900
DAVIDSON $314,827 $403,125 $487,250 $605,525
DAVIE $314,827 $403,125 $487,250 $605,525
DUPLIN $314,827 $403,125 $487,250 $605,525
DURHAM $403,650 $516,750 $624,600 $776,250
EDGECOMBE $314,827 $403,125 $487,250 $605,525
FORSYTH $314,827 $403,125 $487,250 $605,525
FRANKLIN $339,250 $434,300 $524,950 $652,400
GASTON $317,400 $406,300 $491,150 $610,400
GATES $458,850 $587,400 $710,050 $882,400
GRAHAM $314,827 $403,125 $487,250 $605,525
GRANVILLE $314,827 $403,125 $487,250 $605,525
GREENE $314,827 $403,125 $487,250 $605,525
GUILDFORD $314,827 $403,125 $487,250 $605,525
HALIFAX $314,827 $403,125 $487,250 $605,525
HARNETT $314,827 $403,125 $487,250 $605,525
HAYWOOD $314,827 $403,125 $487,250 $605,525
HENDERSON $314,827 $403,125 $487,250 $605,525
HERTFORD $314,827 $403,125 $487,250 $605,525
HOKE $314,827 $403,125 $487,250 $605,525
HYDE $483,000 $618,300 $747,400 $928,850
IREDELL $317,400 $406,300 $491,150 $610,400
JACKSON $314,827 $403,125 $487,250 $605,525
JOHNSTON $339,250 $434,300 $524,950 $652,400
JONES $314,827 $403,125 $487,250 $605,525
LEE $314,827 $403,125 $487,250 $605,525
LENOIR $314,827 $403,125 $487,250 $605,525
LINCOLN $317,400 $406,300 $491,150 $610,400
MACON $314,827 $403,125 $487,250 $605,525
MADISON $314,827 $403,125 $487,250 $605,525
MARTIN $314,827 $403,125 $487,250 $605,525
MCDOWELL $314,827 $403,125 $487,250 $605,525
MECKLENBURG $317,400 $406,300 $491,150 $610,400
MITCHELL $314,827 $403,125 $487,250 $605,525
MONTGOMERY $314,827 $403,125 $487,250 $605,525
MOORE $314,827 $403,125 $487,250 $605,525
NASH $314,827 $403,125 $487,250 $605,525
NEW HANOVER $314,827 $403,125 $487,250 $605,525
NORTHAMPTON $314,827 $403,125 $487,250 $605,525
ONSLOW $314,827 $403,125 $487,250 $605,525
ORANGE $403,650 $516,750 $624,600 $776,250
PAMLICO $314,827 $403,125 $487,250 $605,525
PASQUOTANK $726,525 $930,300 $1,124,475 $1,397,400
PENDER $314,827 $403,125 $487,250 $605,525
PERQUIMANS $726,525 $930,300 $1,124,475 $1,397,400
PERSON $403,650 $516,750 $624,600 $776,250
PITT $314,827 $403,125 $487,250 $605,525
POLK $314,827 $403,125 $487,250 $605,525
RANDOLPH $314,827 $403,125 $487,250 $605,525
RICHMOND $314,827 $403,125 $487,250 $605,525
ROBESON $314,827 $403,125 $487,250 $605,525
ROCKINGHAM $314,827 $403,125 $487,250 $605,525
ROWAN $317,400 $406,300 $491,150 $610,400
RUTHERFORD $314,827 $403,125 $487,250 $605,525
SAMPSON $314,827 $403,125 $487,250 $605,525
SCOTLAND $314,827 $403,125 $487,250 $605,525
STANLY $314,827 $403,125 $487,250 $605,525
STOKES $314,827 $403,125 $487,250 $605,525
SURRY $314,827 $403,125 $487,250 $605,525
SWAIN $314,827 $403,125 $487,250 $605,525
TRANSYLVANIA $314,827 $403,125 $487,250 $605,525
TYRRELL $391,000 $500,550 $605,050 $751,900
UNION $317,400 $406,300 $491,150 $610,400
VANCE $314,827 $403,125 $605,050 $605,525
WAKE $339,250 $434,300 $524,950 $652,400
WARREN $314,827 $403,125 $605,050 $605,525
WASHINGTON $314,827 $403,125 $605,050 $605,525
WATAUGA $314,827 $403,125 $605,050 $605,525
WAYNE $314,827 $403,125 $605,050 $605,525
WILKES $314,827 $403,125 $605,050 $605,525
WILSON $314,827 $403,125 $605,050 $605,525
YADKIN $314,827 $403,125 $605,050 $605,525
YANCEY $314,827 $403,125 $605,050 $605,525

 

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