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North Carolina FHA Loan

What are North Carolina FHA Loans?
FHA stands for Federal Housing Authority. FHA Loans provide low-cost insured Home Mortgage Loans that suit a variety of purchasing options. Whether you're buying a home or want to refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, FHA loans can give you piece of mind with super low closing costs and flexible payment options.


What factors determine if I am eligible for an FHA Loan in North Carolina?
To be eligible for FHA Mortgage Loans, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for an FHA Mortgage is determined by:

Maximum Loan Amount in North Carolina: The Maximum FHA Loan amount allowed for FHA Home Mortgages varies from county to county in North Carolina. The highest maximum FHA Home Loan right now in North Carolina is $729,750. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the North Carolina FHA Loan Limit chart at the bottom of this page.

Maximum financing: In NC, the maximum FHA financing will be 97.75% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
North Carolina FHA loans require the home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

What property types are allowed for FHA Loans in North Carolina?
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.

More information on FHA Mortgages

What types of refinance programs does FHA offer in North Carolina?
There are three main types of FHA Refinance loans available in North Carolina.

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate FHA Insured Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


Streamline Refinance

The FHA Streamline Refinance is designed to lower the interest rate on a current FHA House Loan or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

How much can I refinance in North Carolina?
The maximum amount for an FHA loan is determined by

Maximum Loan Amount in North Carolina
The maximum FHA Loan Amount allowed for FHA Mortgage Refinance varies from county to county in NC. The highest maximum FHA refinance loan amount right now in North Carolina is $729,750. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the NC FHA Loan Limit chart at the bottom of this page.

Maximum financing: In North Carolina, the maximum financing for an FHA Rate Term Refinance (No Cash-Out) or FHA Streamline Refinance Program (No Cash-Out) will be 97.75% of the appraised value of the home or its selling price, whichever is lower. The maximum financing for an FHA Cash-Out Refinance in North Carolina is 85%.

What factors determine if I am eligible for an FHA Refinance Loan?
To be eligible for an FHA Mortgage Loan Refinance in North Carolina, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

Complete Online Application


North Carolina FHA Mortgage Limits by County

MSA Name County Name
One-Family
Two-Family
Three-Family
Four-Family
BURLINGTON, NC (MSA) ALAMANCE $271,050 $347,000 $419,425 $521,250
HICKORY-LENOIR-MORGANTON, NC (MSA) ALEXANDER $271,050 $347,000 $419,425 $521,250
NON-METRO ALLEGHANY $271,050 $347,000 $419,425 $521,250
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) ANSON $271,050 $347,000 $419,425 $521,250
NON-METRO ASHE $271,050 $347,000 $419,425 $521,250
NON-METRO AVERY $271,050 $347,000 $419,425 $521,250
WASHINGTON, NC (MICRO) BEAUFORT $271,050 $347,000 $419,425 $521,250
NON-METRO BERTIE $271,050 $347,000 $419,425 $521,250
NON-METRO BLADEN $271,050 $347,000 $419,425 $521,250
WILMINGTON, NC (MSA) BRUNSWICK $271,050 $347,000 $419,425 $521,250
ASHEVILLE, NC (MSA) BUNCOMBE $271,050 $347,000 $419,425 $521,250
HICKORY-LENOIR-MORGANTON, NC (MSA) BURKE $271,050 $347,000 $419,425 $521,250
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) CABARRUS $271,050 $347,000 $419,425 $521,250
HICKORY-LENOIR-MORGANTON, NC (MSA) CALDWELL $271,050 $347,000 $419,425 $521,250
ELIZABETH CITY, NC (MICRO) CAMDEN $625,500 $800,775 $967,950 $1,202,925
MOREHEAD CITY, NC (MICRO) CARTERET $271,050 $347,000 $419,425 $521,250
NON-METRO CASWELL $271,050 $347,000 $419,425 $521,250
HICKORY-LENOIR-MORGANTON, NC (MSA) CATAWBA $271,050 $347,000 $419,425 $521,250
DURHAM, NC (MSA) CHATHAM $334,650 $428,400 $517,850 $643,550
NON-METRO CHEROKEE $271,050 $347,000 $419,425 $521,250
NON-METRO CHOWAN $271,050 $347,000 $419,425 $521,250
NON-METRO CLAY $271,050 $347,000 $419,425 $521,250
SHELBY, NC (MICRO) CLEVELAND $271,050 $347,000 $419,425 $521,250
NON-METRO COLUMBUS $271,050 $347,000 $419,425 $521,250
NEW BERN, NC (MICRO) CRAVEN $271,050 $347,000 $419,425 $521,250
FAYETTEVILLE, NC (MSA) CUMBERLAND $271,050 $347,000 $419,425 $521,250
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) CURRITUCK $458,850 $587,400 $710,050 $882,400
KILL DEVIL HILLS, NC (MICRO) DARE $391,000 $500,550 $605,050 $751,900
THOMASVILLE-LEXINGTON, NC (MICRO) DAVIDSON $271,050 $347,000 $419,425 $521,250
WINSTON-SALEM, NC (MSA) DAVIE $271,050 $347,000 $419,425 $521,250
NON-METRO DUPLIN $271,050 $347,000 $419,425 $521,250
DURHAM, NC (MSA) DURHAM $334,650 $428,400 $517,850 $643,550
ROCKY MOUNT, NC (MSA) EDGECOMBE $271,050 $347,000 $419,425 $521,250
WINSTON-SALEM, NC (MSA) FORSYTH $271,050 $347,000 $419,425 $521,250
RALEIGH-CARY, NC (MSA) FRANKLIN $271,050 $347,000 $419,425 $521,250
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) GASTON $271,050 $347,000 $419,425 $521,250
NON-METRO GATES $271,050 $347,000 $419,425 $521,250
NON-METRO GRAHAM $271,050 $347,000 $419,425 $521,250
NON-METRO GRANVILLE $271,050 $347,000 $419,425 $521,250
GREENVILLE, NC (MSA) GREENE $271,050 $347,000 $419,425 $521,250
GREENSBORO-HIGH POINT, NC (MSA) GUILFORD $271,050 $347,000 $419,425 $521,250
ROANOKE RAPIDS, NC (MICRO) HALIFAX $271,050 $347,000 $419,425 $521,250
DUNN, NC (MICRO) HARNETT $271,050 $347,000 $419,425 $521,250
ASHEVILLE, NC (MSA) HAYWOOD $271,050 $347,000 $419,425 $521,250
ASHEVILLE, NC (MSA) HENDERSON $271,050 $347,000 $419,425 $521,250
NON-METRO HERTFORD $271,050 $347,000 $419,425 $521,250
FAYETTEVILLE, NC (MSA) HOKE $271,050 $347,000 $419,425 $521,250
NON-METRO HYDE $483,000 $618,300 $747,400 $928,850
STATESVILLE-MOORESVILLE, NC (MICRO) IREDELL $271,050 $347,000 $419,425 $521,250
NON-METRO JACKSON $271,050 $347,000 $419,425 $521,250
RALEIGH-CARY, NC (MSA) JOHNSTON $271,050 $347,000 $419,425 $521,250
NEW BERN, NC (MICRO) JONES $271,050 $347,000 $419,425 $521,250
SANFORD, NC (MICRO) LEE $271,050 $347,000 $419,425 $521,250
KINSTON, NC (MICRO) LENOIR $271,050 $347,000 $419,425 $521,250
LINCOLNTON, NC (MICRO) LINCOLN $271,050 $347,000 $419,425 $521,250
NON-METRO MACON $271,050 $347,000 $419,425 $521,250
ASHEVILLE, NC (MSA) MADISON $271,050 $347,000 $419,425 $521,250
NON-METRO MARTIN $271,050 $347,000 $419,425 $521,250
NON-METRO MCDOWELL $271,050 $347,000 $419,425 $521,250
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) MECKLENBURG $271,050 $347,000 $419,425 $521,250
NON-METRO MITCHELL $271,050 $347,000 $419,425 $521,250
NON-METRO MONTGOMERY $271,050 $347,000 $419,425 $521,250
SOUTHERN PINES-PINEHURST, NC (MICRO) MOORE $271,050 $347,000 $419,425 $521,250
ROCKY MOUNT, NC (MSA) NASH $271,050 $347,000 $419,425 $521,250
WILMINGTON, NC (MSA) NEW HANOVER $271,050 $347,000 $419,425 $521,250
ROANOKE RAPIDS, NC (MICRO) NORTHAMPTON $271,050 $347,000 $419,425 $521,250
JACKSONVILLE, NC (MSA) ONSLOW $271,050 $347,000 $419,425 $521,250
DURHAM, NC (MSA) ORANGE $334,650 $428,400 $517,850 $643,550
NEW BERN, NC (MICRO) PAMLICO $271,050 $347,000 $419,425 $521,250
ELIZABETH CITY, NC (MICRO) PASQUOTANK $625,500 $800,775 $967,950 $1,202,925
WILMINGTON, NC (MSA) PENDER $271,050 $347,000 $419,425 $521,250
ELIZABETH CITY, NC (MICRO) PERQUIMANS $625,500 $800,775 $967,950 $1,202,925
DURHAM, NC (MSA) PERSON $334,650 $428,400 $517,850 $643,550
GREENVILLE, NC (MSA) PITT $271,050 $347,000 $419,425 $521,250
NON-METRO POLK $271,050 $347,000 $419,425 $521,250
GREENSBORO-HIGH POINT, NC (MSA) RANDOLPH $271,050 $347,000 $419,425 $521,250
ROCKINGHAM, NC (MICRO) RICHMOND $271,050 $347,000 $419,425 $521,250
LUMBERTON, NC (MICRO) ROBESON $271,050 $347,000 $419,425 $521,250
GREENSBORO-HIGH POINT, NC (MSA) ROCKINGHAM $271,050 $347,000 $419,425 $521,250
SALISBURY, NC (MICRO) ROWAN $271,050 $347,000 $419,425 $521,250
FOREST CITY, NC (MICRO) RUTHERFORD $271,050 $347,000 $419,425 $521,250
NON-METRO SAMPSON $271,050 $347,000 $419,425 $521,250
LAURINBURG, NC (MICRO) SCOTLAND $271,050 $347,000 $419,425 $521,250
ALBEMARLE, NC (MICRO) STANLY $271,050 $347,000 $419,425 $521,250
WINSTON-SALEM, NC (MSA) STOKES $271,050 $347,000 $419,425 $521,250
MOUNT AIRY, NC (MICRO) SURRY $271,050 $347,000 $419,425 $521,250
NON-METRO SWAIN $271,050 $347,000 $419,425 $521,250
BREVARD, NC (MICRO) TRANSYLVANIA $271,050 $347,000 $419,425 $521,250
NON-METRO TYRRELL $271,050 $347,000 $419,425 $521,250
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) UNION $271,050 $347,000 $419,425 $521,250
HENDERSON, NC (MICRO) VANCE $271,050 $347,000 $419,425 $521,250
RALEIGH-CARY, NC (MSA) WAKE $271,050 $347,000 $419,425 $521,250
NON-METRO WARREN $271,050 $347,000 $419,425 $521,250
NON-METRO WASHINGTON $271,050 $347,000 $419,425 $521,250
BOONE, NC (MICRO) WATAUGA $271,050 $347,000 $419,425 $521,250
GOLDSBORO, NC (MSA) WAYNE $271,050 $347,000 $419,425 $521,250
NORTH WILKESBORO, NC (MICRO) WILKES $271,050 $347,000 $419,425 $521,250
WILSON, NC (MICRO) WILSON $271,050 $347,000 $419,425 $521,250
WINSTON-SALEM, NC (MSA) YADKIN $271,050 $347,000 $419,425 $521,250
NON-METRO YANCEY $271,050 $347,000 $419,425 $521,250

FHA loans in North Carolina's top cities:

Asheville North Carolina FHA Loans Cary North Carolina FHA Loans Charlotte North Carolina FHA Loans
Concord North Carolina FHA Loans Durham North Carolina FHA Loans Fayetteville North Carolina FHA Loans
Gastonia North Carolina FHA Loans Greensboro North Carolina FHA Loans Greenville North Carolina FHA Loans
High Point North Carolina FHA Loans Jacksonville North Carolina FHA Loans Raleigh North Carolina FHA Loans
Rocky Mount North Carolina FHA Loans Wilmington North Carolina FHA Loans Winston-Salem North Carolina FHA Loans
                                                                                                                             

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 FHA Refinance Programs

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate HUD FHA Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

FHA Streamline Refinance
The FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.


 FHA Refinance Questions & Answers

What are the guidelines for an FHA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 85% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be either 98.75% or 97.75% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a FHA-insured mortgage?
FHA Refinance Loans do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new HUD FHA Mortgage, then you should ask your lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to The FHA, but your current lender will have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.


FHA Mortgage   |   FHA Refinance   |   FHA LOAN REQUIREMENTS   |   FHA MORTGAGE CALCULATOR   |   FHA MORTGAGE RATES

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