FHA Loan Limits in North Carolina
Loans backed by the Federal Housing Administration (FHA) are a great option for first-time homebuyers and others who have limited or spotty credit histories or who have limited cash for a down payment. However, FHA loans come with limits on how much you can borrow.
The FHA loan limits in North Carolina allow homebuyers to borrow up to $472,030 for a single-family home in most counties. The limit rises in high-cost areas, which include popular vacation areas like the Outer Banks, and tops out at $805,000.
North Carolina FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sale price | |
|---|---|---|---|---|---|---|
| 1 | ALAMANCE | $472,030 | $604,400 | $730,525 | $907,900 | $240,000 |
| 2 | ALEXANDER | $472,030 | $604,400 | $730,525 | $907,900 | $205,000 |
| 3 | ALLEGHANY | $472,030 | $604,400 | $730,525 | $907,900 | $94,000 |
| 4 | ANSON | $472,030 | $604,400 | $730,525 | $907,900 | $395,000 |
| 5 | ASHE | $472,030 | $604,400 | $730,525 | $907,900 | $111,000 |
| 6 | AVERY | $472,030 | $604,400 | $730,525 | $907,900 | $200,000 |
| 7 | BEAUFORT | $472,030 | $604,400 | $730,525 | $907,900 | $172,000 |
| 8 | BERTIE | $472,030 | $604,400 | $730,525 | $907,900 | $65,000 |
| 9 | BLADEN | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| 10 | BRUNSWICK | $472,030 | $604,400 | $730,525 | $907,900 | $311,000 |
| 11 | BUNCOMBE | $472,030 | $604,400 | $730,525 | $907,900 | $394,000 |
| 12 | BURKE | $472,030 | $604,400 | $730,525 | $907,900 | $205,000 |
| 13 | CABARRUS | $472,030 | $604,400 | $730,525 | $907,900 | $395,000 |
| 14 | CALDWELL | $472,030 | $604,400 | $730,525 | $907,900 | $205,000 |
| 15 | CAMDEN | $507,150 | $649,250 | $784,800 | $975,300 | $441,000 |
| 16 | CARTERET | $472,030 | $604,400 | $730,525 | $907,900 | $311,000 |
| 17 | CASWELL | $472,030 | $604,400 | $730,525 | $907,900 | $117,000 |
| 18 | CATAWBA | $472,030 | $604,400 | $730,525 | $907,900 | $205,000 |
| 19 | CHATHAM | $602,600 | $771,450 | $932,500 | $1,158,850 | $524,000 |
| 20 | CHEROKEE | $472,030 | $604,400 | $730,525 | $907,900 | $169,000 |
| 21 | CHOWAN | $472,030 | $604,400 | $730,525 | $907,900 | $210,000 |
| 22 | CLAY | $472,030 | $604,400 | $730,525 | $907,900 | $195,000 |
| 23 | CLEVELAND | $472,030 | $604,400 | $730,525 | $907,900 | $157,000 |
| 24 | COLUMBUS | $472,030 | $604,400 | $730,525 | $907,900 | $100,000 |
| 25 | CRAVEN | $472,030 | $604,400 | $730,525 | $907,900 | $230,000 |
| 26 | CUMBERLAND | $472,030 | $604,400 | $730,525 | $907,900 | $265,000 |
| 27 | CURRITUCK | $507,150 | $649,250 | $784,800 | $975,300 | $441,000 |
| 28 | DARE | $603,750 | $772,900 | $934,250 | $1,161,050 | $525,000 |
| 29 | DAVIDSON | $472,030 | $604,400 | $730,525 | $907,900 | $250,000 |
| 30 | DAVIE | $472,030 | $604,400 | $730,525 | $907,900 | $250,000 |
| 31 | DUPLIN | $472,030 | $604,400 | $730,525 | $907,900 | $115,000 |
| 32 | DURHAM | $602,600 | $771,450 | $932,500 | $1,158,850 | $524,000 |
| 33 | EDGECOMBE | $472,030 | $604,400 | $730,525 | $907,900 | $203,000 |
| 34 | FORSYTH | $472,030 | $604,400 | $730,525 | $907,900 | $250,000 |
| 35 | FRANKLIN | $502,550 | $643,350 | $777,650 | $966,450 | $437,000 |
| 36 | GASTON | $472,030 | $604,400 | $730,525 | $907,900 | $395,000 |
| 37 | GATES | $507,150 | $649,250 | $784,800 | $975,300 | $441,000 |
| 38 | GRAHAM | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| 39 | GRANVILLE | $602,600 | $771,450 | $932,500 | $1,158,850 | $524,000 |
| 40 | GREENE | $472,030 | $604,400 | $730,525 | $907,900 | $105,000 |
| 41 | GUILFORD | $472,030 | $604,400 | $730,525 | $907,900 | $240,000 |
| 42 | HALIFAX | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| 43 | HARNETT | $472,030 | $604,400 | $730,525 | $907,900 | $265,000 |
| 44 | HAYWOOD | $472,030 | $604,400 | $730,525 | $907,900 | $394,000 |
| 45 | HENDERSON | $472,030 | $604,400 | $730,525 | $907,900 | $394,000 |
| 46 | HERTFORD | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
| 47 | HOKE | $472,030 | $604,400 | $730,525 | $907,900 | $265,000 |
| 48 | HYDE | $483,000 | $618,300 | $747,400 | $928,850 | $175,000 |
| 49 | IREDELL | $472,030 | $604,400 | $730,525 | $907,900 | $395,000 |
| 50 | JACKSON | $472,030 | $604,400 | $730,525 | $907,900 | $275,000 |
| 51 | JOHNSTON | $502,550 | $643,350 | $777,650 | $966,450 | $437,000 |
| 52 | JONES | $472,030 | $604,400 | $730,525 | $907,900 | $230,000 |
| 53 | LEE | $472,030 | $604,400 | $730,525 | $907,900 | $233,000 |
| 54 | LENOIR | $472,030 | $604,400 | $730,525 | $907,900 | $117,000 |
| 55 | LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 | $395,000 |
| 56 | MACON | $472,030 | $604,400 | $730,525 | $907,900 | $230,000 |
| 57 | MADISON | $472,030 | $604,400 | $730,525 | $907,900 | $394,000 |
| 58 | MARTIN | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
| 59 | MCDOWELL | $472,030 | $604,400 | $730,525 | $907,900 | $135,000 |
| 60 | MECKLENBURG | $472,030 | $604,400 | $730,525 | $907,900 | $395,000 |
| 61 | MITCHELL | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| 62 | MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 | $109,000 |
| 63 | MOORE | $472,030 | $604,400 | $730,525 | $907,900 | $350,000 |
| 64 | NASH | $472,030 | $604,400 | $730,525 | $907,900 | $203,000 |
| 65 | NEW HANOVER | $472,030 | $604,400 | $730,525 | $907,900 | $350,000 |
| 66 | NORTHAMPTON | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| 67 | ONSLOW | $472,030 | $604,400 | $730,525 | $907,900 | $224,000 |
| 68 | ORANGE | $602,600 | $771,450 | $932,500 | $1,158,850 | $524,000 |
| 69 | PAMLICO | $472,030 | $604,400 | $730,525 | $907,900 | $230,000 |
| 70 | PASQUOTANK | $805,000 | $1,030,550 | $1,245,700 | $1,548,100 | $203,000 |
| 71 | PENDER | $472,030 | $604,400 | $730,525 | $907,900 | $350,000 |
| 72 | PERQUIMANS | $805,000 | $1,030,550 | $1,245,700 | $1,548,100 | $203,000 |
| 73 | PERSON | $602,600 | $771,450 | $932,500 | $1,158,850 | $524,000 |
| 74 | PITT | $472,030 | $604,400 | $730,525 | $907,900 | $220,000 |
| 75 | POLK | $472,030 | $604,400 | $730,525 | $907,900 | $310,000 |
| 76 | RANDOLPH | $472,030 | $604,400 | $730,525 | $907,900 | $240,000 |
| 77 | RICHMOND | $472,030 | $604,400 | $730,525 | $907,900 | $100,000 |
| 78 | ROBESON | $472,030 | $604,400 | $730,525 | $907,900 | $98,000 |
| 79 | ROCKINGHAM | $472,030 | $604,400 | $730,525 | $907,900 | $240,000 |
| 80 | ROWAN | $472,030 | $604,400 | $730,525 | $907,900 | $395,000 |
| 81 | RUTHERFORD | $472,030 | $604,400 | $730,525 | $907,900 | $200,000 |
| 82 | SAMPSON | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| 83 | SCOTLAND | $472,030 | $604,400 | $730,525 | $907,900 | $84,000 |
| 84 | STANLY | $472,030 | $604,400 | $730,525 | $907,900 | $210,000 |
| 85 | STOKES | $472,030 | $604,400 | $730,525 | $907,900 | $250,000 |
| 86 | SURRY | $472,030 | $604,400 | $730,525 | $907,900 | $130,000 |
| 87 | SWAIN | $472,030 | $604,400 | $730,525 | $907,900 | $275,000 |
| 88 | TRANSYLVANIA | $472,030 | $604,400 | $730,525 | $907,900 | $310,000 |
| 89 | TYRRELL | $472,030 | $604,400 | $730,525 | $907,900 | $105,000 |
| 90 | UNION | $472,030 | $604,400 | $730,525 | $907,900 | $395,000 |
| 91 | VANCE | $472,030 | $604,400 | $730,525 | $907,900 | $125,000 |
| 92 | WAKE | $502,550 | $643,350 | $777,650 | $966,450 | $437,000 |
| 93 | WARREN | $472,030 | $604,400 | $730,525 | $907,900 | $158,000 |
| 94 | WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $89,000 |
| 95 | WATAUGA | $472,030 | $604,400 | $730,525 | $907,900 | $344,000 |
| 96 | WAYNE | $472,030 | $604,400 | $730,525 | $907,900 | $168,000 |
| 97 | WILKES | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| 98 | WILSON | $472,030 | $604,400 | $730,525 | $907,900 | $163,000 |
| 99 | YADKIN | $472,030 | $604,400 | $730,525 | $907,900 | $250,000 |
| 100 | YANCEY | $472,030 | $604,400 | $730,525 | $907,900 | $215,000 |
How are FHA loan limits determined?
FHA loan limits are based on the conforming loan limits that the Federal Housing Finance Agency (FHFA) sets for conventional mortgages each year for every county in the U.S. Conforming loan limits change each year in response to changes in the median house prices over the preceding year.
FHA loan limits fall between a nationwide “floor” and a “ceiling.” The floor is the lowest loan limit, and it’s calculated as 65% of the conforming loan limit. That means that the lowest loan limit you’ll encounter is $472,030. The vast majority of counties in North Carolina are subject to this loan limit.
The ceiling applies to high-cost areas with the country’s most expensive housing markets. This year, the ceiling is $1,089,300 for a single-family home, but no counties in North Carolina have a loan limit at the FHA’s ceiling in 2023.
Some North Carolina counties have loan limits that fall in between the floor and ceiling. The counties that make up the Outer Banks — Carteret, Currituck, Dare and Hyde — have loan limits ranging from the floor up to $603,750. Other counties with loan limits between $472,030 and $603,750 include Camden, Chatham, Durham, Franklin, Gates, Granville, Orange and Person.
Pasquotank and Perquomans counties, home to the bustling coastal town of Elizabeth City, enjoy the highest loan limit in the state: $805,000.
How to qualify for an FHA loan in North Carolina
Many borrowers find that FHA loan requirements are more lenient than those for conventional mortgages. This can be great news for buyers struggling to make a down payment or who have some dings on their credit.
In addition to the purchase price of your new home falling within the FHA loan limit for the county where the property is located, you’ll also need to meet the following requirements:
A minimum down payment of 3.5%. If your credit score is 580 or higher, you can get an FHA loan with just 3.5% down.
A credit score of 500 or more. Your credit score can be as low as 500 for an FHA loan, unlike the 620 required by a conventional mortgage. However, if your score is between 500 and 579, you’d need a 10% down payment.
Mortgage insurance. Expect to pay two kinds of FHA mortgage insurance. When you close on your loan, you’ll be charged an upfront mortgage insurance premium (UFMIP) equal to 1.75% of the loan amount; this cost will be rolled into your mortgage. You’ll also pay an annual mortgage insurance premium (MIP) — equal to 0.15% to 0.75% of the loan amount — that will be added to your monthly mortgage payment.
A debt-to-income (DTI) ratio of 43% or less. Lenders will look at your DTI ratio — the percentage of your monthly pretax income that goes toward debt payments — as a way to gauge your ability to afford regular mortgage payments. Most FHA loans require a DTI ratio no higher than 43%, but DTI ratios as high as 50% may be acceptable if you have significant cash reserves or other sources of income.
An FHA loan appraisal. To qualify for a loan, any property you want to buy will have to meet the guidelines that are part of an FHA home appraisal. The appraisal will make sure that the house is safe and sanitary, in addition to assessing its value.
Primary residence. With an FHA loan, you’ll have to use your new home as your primary residence and live in it for at least one year after purchase. No second homes or properties used exclusively as investment properties are allowed.
Buying a multifamily property with an FHA loan
It’s possible to use an FHA loan to buy a multifamily home while enjoying the same requirements that apply to single-family home loans. You will need to use one of the units as your primary residence for at least a year, but on the upside, you could qualify for putting down as little as 3.5% and still have the ability to collect rent. Multifamily homes have higher FHA loan limits.
In most counties in the Tar Heel state, the 2023 multifamily loan limits are:
- $604,400 for two units
- $730,525 for three units
- $907,900 for four units
FHA lenders in North Carolina
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Truist | 4 stars | 580 |
| Wells Fargo | 5 stars | 640 |
| Guild Mortgage | 3 stars | 580 |
| Chase Bank | 5 stars | Not disclosed |