North Carolina FHA Mortgage Loan Limits for Home Lending by County

Find lenders that understand first time home buying and refinancing with respect to the 2014 FHA loan limits in North Carolina ranging from $271,050 to $625,000 for 1-family primary residence homes in the state. Buying a home for the first time in North Carolina is easier than ever as lenders have eased the guidelines and requirements. North Carolina mortgage rates remain competitive with low interest rates for home refinancing and equity lines of credit. Many East Coast borrowers will be able consolidate their 1st and 2nd mortgages together with the increased FHA loan amounts in North Carolina. Other homeowners will simply utilize the larger loan amounts to consolidate credit card debt with their ARM.

Do you need help finding a first time home buyer loan in North Carolina? We will connect you to competitive Carolina mortgage lenders that offer amazing interest rates on home purchase loans with low down payment requirements and flexible credit standards.

North Carolina Home Buying With FHA Loans

For those looking to buy a home in North Carolina, FHA loans provide a great option for affordable home financing. These loans allow those with poor credit or no credit the ability to finance a home when they may otherwise be denied a loan, and they allow those with good credit the added benefits of low interest rates and down payments. A FHA loan is a loan given by a lender that is backed by the Federal Housing Administration, and these loans are available across North Carolina and the country.

These types of loans are particularly desirable for those who are buying their first home, as their low down payment rates allow buyers to close on a home without needing an excessive down payment to do so. When a standard non-FHA loan will require a down payment amount as much as 20% of the amount of the loan, a FHA loan will only require a percentage of around 3.5%, causing the down payment needed to be significantly lower. Also, because these loans are backed by mortgage insurance, they are often a great choice for those with questionable credit.

FHA home loans in North Carolina do have set limits however, and the home a person is planning to purchase may not exceed this amount if they plan to have it financed with a FHA loan. These limits will vary from county to county across the state, and they will accurately reflect the income levels and home sale prices of a given area. Higher income regions will have higher loan limits, while lower income regions will have limits that fit the median home sale price of the area; this allows prospective home buyers the opportunity to find a suitable home within any region using one of these federally backed loans.

For a higher income area of North Carolina such as Durham County, a prospective home buyer will see FHA loan limits of around $271,000 for the year 2014, and for lower income regions such as Halifax County, the limits will drop to the $65,000 range. Although this fluctuation is rather large, it accurately reflects the housing market of a given area, and these limits are subject to change from year to year. It is recommended that all North Carolina home buyers looking to purchase a home using this type of financing research the home loan limits in their desired area before applying for a FHA loan.