FHA Loan Requirements, Limits, How to Apply and Best Lenders
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2023 FHA Loan Limits in North Carolina

Updated on:
Content was accurate at the time of publication.

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.

In 2023, 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 nameOne unitTwo unitsThree unitsFour unitsMedian sale price
ALAMANCE$472,030$604,400$730,525$907,900$240,000
1ALEXANDER$472,030$604,400$730,525$907,900$205,000
2ALLEGHANY$472,030$604,400$730,525$907,900$94,000
3ANSON$472,030$604,400$730,525$907,900$395,000
4ASHE$472,030$604,400$730,525$907,900$111,000
5AVERY$472,030$604,400$730,525$907,900$200,000
6BEAUFORT$472,030$604,400$730,525$907,900$172,000
7BERTIE$472,030$604,400$730,525$907,900$65,000
8BLADEN$472,030$604,400$730,525$907,900$95,000
9BRUNSWICK$472,030$604,400$730,525$907,900$311,000
10BUNCOMBE$472,030$604,400$730,525$907,900$394,000
11BURKE$472,030$604,400$730,525$907,900$205,000
12CABARRUS$472,030$604,400$730,525$907,900$395,000
13CALDWELL$472,030$604,400$730,525$907,900$205,000
14CAMDEN$507,150$649,250$784,800$975,300$441,000
15CARTERET$472,030$604,400$730,525$907,900$311,000
16CASWELL$472,030$604,400$730,525$907,900$117,000
17CATAWBA$472,030$604,400$730,525$907,900$205,000
18CHATHAM$602,600$771,450$932,500$1,158,850$524,000
19CHEROKEE$472,030$604,400$730,525$907,900$169,000
20CHOWAN$472,030$604,400$730,525$907,900$210,000
21CLAY$472,030$604,400$730,525$907,900$195,000
22CLEVELAND$472,030$604,400$730,525$907,900$157,000
23COLUMBUS$472,030$604,400$730,525$907,900$100,000
24CRAVEN$472,030$604,400$730,525$907,900$230,000
25CUMBERLAND$472,030$604,400$730,525$907,900$265,000
26CURRITUCK$507,150$649,250$784,800$975,300$441,000
27DARE$603,750$772,900$934,250$1,161,050$525,000
28DAVIDSON$472,030$604,400$730,525$907,900$250,000
29DAVIE$472,030$604,400$730,525$907,900$250,000
30DUPLIN$472,030$604,400$730,525$907,900$115,000
31DURHAM$602,600$771,450$932,500$1,158,850$524,000
32EDGECOMBE$472,030$604,400$730,525$907,900$203,000
33FORSYTH$472,030$604,400$730,525$907,900$250,000
34FRANKLIN$502,550$643,350$777,650$966,450$437,000
35GASTON$472,030$604,400$730,525$907,900$395,000
36GATES$507,150$649,250$784,800$975,300$441,000
37GRAHAM$472,030$604,400$730,525$907,900$150,000
38GRANVILLE$602,600$771,450$932,500$1,158,850$524,000
39GREENE$472,030$604,400$730,525$907,900$105,000
40GUILFORD$472,030$604,400$730,525$907,900$240,000
41HALIFAX$472,030$604,400$730,525$907,900$90,000
42HARNETT$472,030$604,400$730,525$907,900$265,000
43HAYWOOD$472,030$604,400$730,525$907,900$394,000
44HENDERSON$472,030$604,400$730,525$907,900$394,000
45HERTFORD$472,030$604,400$730,525$907,900$80,000
46HOKE$472,030$604,400$730,525$907,900$265,000
47HYDE$483,000$618,300$747,400$928,850$175,000
48IREDELL$472,030$604,400$730,525$907,900$395,000
49JACKSON$472,030$604,400$730,525$907,900$275,000
50JOHNSTON$502,550$643,350$777,650$966,450$437,000
51JONES$472,030$604,400$730,525$907,900$230,000
52LEE$472,030$604,400$730,525$907,900$233,000
53LENOIR$472,030$604,400$730,525$907,900$117,000
54LINCOLN$472,030$604,400$730,525$907,900$395,000
55MACON$472,030$604,400$730,525$907,900$230,000
56MADISON$472,030$604,400$730,525$907,900$394,000
57MARTIN$472,030$604,400$730,525$907,900$80,000
58MCDOWELL$472,030$604,400$730,525$907,900$135,000
59MECKLENBURG$472,030$604,400$730,525$907,900$395,000
60MITCHELL$472,030$604,400$730,525$907,900$150,000
61MONTGOMERY$472,030$604,400$730,525$907,900$109,000
62MOORE$472,030$604,400$730,525$907,900$350,000
63NASH$472,030$604,400$730,525$907,900$203,000
64NEW HANOVER$472,030$604,400$730,525$907,900$350,000
65NORTHAMPTON$472,030$604,400$730,525$907,900$90,000
66ONSLOW$472,030$604,400$730,525$907,900$224,000
67ORANGE$602,600$771,450$932,500$1,158,850$524,000
68PAMLICO$472,030$604,400$730,525$907,900$230,000
69PASQUOTANK$805,000$1,030,550$1,245,700$1,548,100$203,000
70PENDER$472,030$604,400$730,525$907,900$350,000
71PERQUIMANS$805,000$1,030,550$1,245,700$1,548,100$203,000
72PERSON$602,600$771,450$932,500$1,158,850$524,000
73PITT$472,030$604,400$730,525$907,900$220,000
74POLK$472,030$604,400$730,525$907,900$310,000
75RANDOLPH$472,030$604,400$730,525$907,900$240,000
76RICHMOND$472,030$604,400$730,525$907,900$100,000
77ROBESON$472,030$604,400$730,525$907,900$98,000
78ROCKINGHAM$472,030$604,400$730,525$907,900$240,000
79ROWAN$472,030$604,400$730,525$907,900$395,000
80RUTHERFORD$472,030$604,400$730,525$907,900$200,000
81SAMPSON$472,030$604,400$730,525$907,900$95,000
82SCOTLAND$472,030$604,400$730,525$907,900$84,000
83STANLY$472,030$604,400$730,525$907,900$210,000
84STOKES$472,030$604,400$730,525$907,900$250,000
85SURRY$472,030$604,400$730,525$907,900$130,000
86SWAIN$472,030$604,400$730,525$907,900$275,000
87TRANSYLVANIA$472,030$604,400$730,525$907,900$310,000
88TYRRELL$472,030$604,400$730,525$907,900$105,000
89UNION$472,030$604,400$730,525$907,900$395,000
90VANCE$472,030$604,400$730,525$907,900$125,000
91WAKE$502,550$643,350$777,650$966,450$437,000
92WARREN$472,030$604,400$730,525$907,900$158,000
93WASHINGTON$472,030$604,400$730,525$907,900$89,000
94WATAUGA$472,030$604,400$730,525$907,900$344,000
95WAYNE$472,030$604,400$730,525$907,900$168,000
96WILKES$472,030$604,400$730,525$907,900$150,000
97WILSON$472,030$604,400$730,525$907,900$163,000
98YADKIN$472,030$604,400$730,525$907,900$250,000
99YANCEY$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 in 2023 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 nameLT ratingMinimum FHA credit score
Truist4 stars580
Wells Fargo5 stars640
Guild Mortgage3 stars580
Chase Bank5 starsNot disclosed