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North Carolina FHA Home Loans

FHA Mortgage Loan Programs in North Carolina
FHA Loan Requirements - 2020 FHA Loan Limits

North Carolina FHA Loan | Requirements | 2020 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 2020 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.

2020 North Carolina FHA Loan Limits

Below are the 2020 FHA loan limits for every county in North Carolina:

County Single Family (1 Unit) 2 Units 3 Units 4 Units
ALAMANCE $331,760 $424,800 $513,450 $638,100
ALEXANDER $331,760 $424,800 $513,450 $638,100
ALLEGHANY $331,760 $424,800 $513,450 $638,100
ANSON $331,760 $424,800 $513,450 $638,100
ASHE $331,760 $424,800 $513,450 $638,100
AVERY $331,760 $424,800 $513,450 $638,100
BEAUFORT $331,760 $424,800 $513,450 $638,100
BERTIE $331,760 $424,800 $513,450 $638,100
BLADEN $331,760 $424,800 $513,450 $638,100
BRUNSWICK $331,760 $424,800 $513,450 $638,100
BUNCOMBE $331,760 $424,800 $513,450 $638,100
BURKE $331,760 $424,800 $513,450 $638,100
CABARRUS $331,760 $424,800 $513,450 $638,100
CALDWELL $331,760 $424,800 $513,450 $638,100
CAMDEN $458,850 $587,400 $710,050 $882,400
CARTERET $331,760 $424,800 $513,450 $638,100
CASWELL $331,760 $424,800 $513,450 $638,100
CATAWBA $331,760 $424,800 $513,450 $638,100
CHATHAM $414,000 $530,000 $640,650 $796,150
CHEROKEE $331,760 $424,800 $513,450 $638,100
CHOWAN $331,760 $424,800 $513,450 $638,100
CLAY $331,760 $424,800 $513,450 $638,100
CLEVELAND $331,760 $424,800 $513,450 $638,100
COLUMBUS $331,760 $424,800 $513,450 $638,100
CRAVEN $331,760 $424,800 $513,450 $638,100
CUMBERLAND $331,760 $424,800 $513,450 $638,100
CURRITUCK $458,850 $587,400 $710,050 $882,400
DARE $391,000 $500,550 $605,050 $751,900
DAVIDSON $331,760 $424,800 $513,450 $638,100
DAVIE $331,760 $424,800 $513,450 $638,100
DUPLIN $331,760 $424,800 $513,450 $638,100
DURHAM $414,000 $530,000 $640,650 $796,150
EDGECOMBE $331,760 $424,800 $513,450 $638,100
FORSYTH $331,760 $424,800 $513,450 $638,100
FRANKLIN $353,050 $451,950 $546,300 $678,950
GASTON $331,760 $424,800 $513,450 $638,100
GATES $458,850 $587,400 $710,050 $882,400
GRAHAM $331,760 $424,800 $513,450 $638,100
GRANVILLE $414,000 $530,000 $640,650 $796,150
GREENE $331,760 $424,800 $513,450 $638,100
GUILDFORD $331,760 $424,800 $513,450 $638,100
HALIFAX $331,760 $424,800 $513,450 $638,100
HARNETT $331,760 $424,800 $513,450 $638,100
HAYWOOD $331,760 $424,800 $513,450 $638,100
HENDERSON $331,760 $424,800 $513,450 $638,100
HERTFORD $331,760 $424,800 $513,450 $638,100
HOKE $331,760 $424,800 $513,450 $638,100
HYDE $483,000 $618,300 $747,400 $928,850
IREDELL $331,760 $424,800 $513,450 $638,100
JACKSON $331,760 $424,800 $513,450 $638,100
JOHNSTON $353,050 $451,950 $546,300 $678,950
JONES $331,760 $424,800 $513,450 $638,100
LEE $331,760 $424,800 $513,450 $638,100
LENOIR $331,760 $424,800 $513,450 $638,100
LINCOLN $331,760 $424,800 $513,450 $638,100
MACON $331,760 $424,800 $513,450 $638,100
MADISON $331,760 $424,800 $513,450 $638,100
MARTIN $331,760 $424,800 $513,450 $638,100
MCDOWELL $331,760 $424,800 $513,450 $638,100
MECKLENBURG $331,760 $424,800 $513,450 $638,100
MITCHELL $331,760 $424,800 $513,450 $638,100
MONTGOMERY $331,760 $424,800 $513,450 $638,100
MOORE $331,760 $424,800 $513,450 $638,100
NASH $331,760 $424,800 $513,450 $638,100
NEW HANOVER $331,760 $424,800 $513,450 $638,100
NORTHAMPTON $331,760 $424,800 $513,450 $638,100
ONSLOW $331,760 $424,800 $513,450 $638,100
ORANGE $414,000 $530,000 $640,650 $796,150
PAMLICO $331,760 $424,800 $513,450 $638,100
PASQUOTANK $458,850 $587,400 $710,050 $882,400
PENDER $331,760 $424,800 $513,450 $638,100
PERQUIMANS $765,600 $980,325 $1,184,925 $1,472,550
PERSON $414,000 $530,000 $640,650 $796,150
PITT $331,760 $424,800 $513,450 $638,100
POLK $331,760 $424,800 $513,450 $638,100
RANDOLPH $331,760 $424,800 $513,450 $638,100
RICHMOND $331,760 $424,800 $513,450 $638,100
ROBESON $331,760 $424,800 $513,450 $638,100
ROCKINGHAM $331,760 $424,800 $513,450 $638,100
ROWAN $331,760 $424,800 $513,450 $638,100
RUTHERFORD $331,760 $424,800 $513,450 $638,100
SAMPSON $331,760 $424,800 $513,450 $638,100
SCOTLAND $331,760 $424,800 $513,450 $638,100
STANLY $331,760 $424,800 $513,450 $638,100
STOKES $331,760 $424,800 $513,450 $638,100
SURRY $331,760 $424,800 $513,450 $638,100
SWAIN $331,760 $424,800 $513,450 $638,100
trANSYLVANIA $331,760 $424,800 $513,450 $638,100
TYRRELL $331,760 $424,800 $513,450 $638,100
UNION $331,760 $424,800 $513,450 $638,100
VANCE $331,760 $424,800 $605,050 $638,100
WAKE $353,050 $451,950 $546,300 $678,950
WARREN $331,760 $424,800 $605,050 $638,100
WASHINGTON $331,760 $424,800 $605,050 $638,100
WATAUGA $331,760 $424,800 $605,050 $638,100
WAYNE $331,760 $424,800 $605,050 $638,100
WILKES $331,760 $424,800 $605,050 $638,100
WILSON $331,760 $424,800 $605,050 $638,100
YADKIN $331,760 $424,800 $605,050 $638,100
YANCEY $331,760 $424,800 $605,050 $638,100

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