FHA Loan Limits in NC are set to adjust annually, and the 2018 FHA Loan Limits in NC were just announced last week. The important thing to remember when viewing these changes is that 5 times in recent years, FHA announced lower maximum loan limits for areas like Charlotte and Raleigh – this is the first time we’ve seen them go up year over year.
Many home buyers in North Carolina take advantage of the FHA Mortgage Loan program because it has the most forgiving underwriting guidelines for those with lower credit scores, and it only requires a 3.5% down payment.First time home buyer programs in NC, including the NC Housing (I’ll refer to it here as NCHFA) Mortgage Credit Certificate (MCC) program and the Down Payment Grant of 3%, also work well with the FHA Home Loan in NC.
These maximum 2018 FHA loan limits in NC are effective for CASE NUMBERS pulled after 12/31/2017.This means the contract must be written by that date, and the loan application taken by the end of this year.
In NC the primary markets that will see a change of $15,000 to $30,000 include Asheville, Charlotte, Raleigh and Wilmington. These areas all saw increases to the FHA Loan Limits, which is great news.
Areas in the North East portions of North Carolina will also see significant lower FHA Loan Limit changes.Dare County NC, for instance has a FHA Loan Limit change of over $40,000, and the Elizabeth City area dropped from $729,900 to $636,000.
FHA eligibility requirements make no restrictions on the maximum income to qualify for a FHA home loan, and there are no restrictions on where the property is located (like there are with USDA Home Loans). FHA does set a maximum loan limit per County, and it updates those maximum loan limits each year.
2018 FHA Loan Limits in NC By Metro Area
Most of the 100 Counties in NC have a maximum FHA Loan Limit of $275,665, however, larger metropolitan areas have some variations.
Asheville NC /Buncombe County Maximum FHA Loan Limit in 2018 is $294,515. That’s down from the Asheville area Maximum FHA Loan Limit in 2013 of $303,750. Haywood County, Henderson County, and Madison County fall in the “Metro” area for Asheville, and will see their FHA Loan Limits go to $294,515 as well.
Charlotte NC / Mecklenburg County Maximum FHA Loan Limit in 2018 is $294,515. That’s down from the Charlotte area Maximum FHA Loan Limit in 2013 of $303,750. The maximum FHA Loan Limit is also adjusted for Anson County, Cabarrus County, Union County, and Gaston County – meaning Belmont, Gastonia, Matthews and Monroe will also be in the lower FHA Loan Limit. Mooreville and Iredell County was already at a FHA Maximum Loan Limit of $275,665.
Raleigh NC / Wake County Maximum FHA Loan Limit in 2018 is $318,550. That’s up from the Raleigh area Maximum FHA Loan Limit in 2017 of $280,600. The Maximum FHA Loan Limit for Clayton, and Johnston County in 2018 is also going higher to the $318,550 limit. Franklin County FHA Loan Limits will also adjust to $318,550 FHA Limit.
Cumberland, Harnett and Granville County (including Fayetteville, NC) have a maximum FHA Loan Limit of $294,515.
Wilmington NC / New Hanover County Maximum FHA Loan Limit in 2018 is $294,515. That’s down from the Wilmington area Maximum FHA Loan Limit in 2013 of $303,750.The Maximum FHA Loan Limit for Surf City and Pender County is also going lower to $294,515, as well as Brunswick County and Southport NC.
Jacksonville, NC / Onslow County FHA Loan Limit in 2018 is $294,515. That’s down from the Jacksonville, NC area Maximum FHA Loan Limit in 2013 of $306,250.
Morehead NC / Carteret County FHA Loan Limit in 2018 is $294,515. That’s down from the Morehead, NC area Maximum FHA Loan Limit in 2013 of $287,500.
Elizabeth City NC / Camden County FHA Loan Limit in 2018 is $679,650. That’s down from the Elizabeth City, NC area Maximum FHA Loan Limit in 2013 of $729,500. Pasquotank County, and Perquimans County will also see FHA Loan Limit changes to $679,650.
Kill Devil Hills / Dare County FHA Loan Limit in 2018 changes to $391,000. This FHA Loan Limit changes the 2013 limit of $460,000.
Durham NC / Durham County Maximum FHA Loan Limit in 2018 is $379,500. The Chapel Hill, NC FHA Loan Limit for 2018 is also $379,500. Person County, and Roxboro NC also have a maximum FHA Loan Limit of $379,500 in 2018.
Winston Salem NC/ Forsyth County Maximum FHA Loan Limits in 2018 is $294,515. This is higher from the 2017 FHA Maximum Loan Limit for Forsyth County. High Point is actually in multiple counties, including Forsyth, and if you are interested in a FHA Loan in High Point, you should look at the County limit for the part of town you are interested in.
Greensboro, NC / Guilford County Maximum FHA Loan Limits in 2018 is $294,515. This is higher from the 2017 FHA Maximum Loan Limit for Guilford County. Alamance County and Burlington, NC maximum FHA Loan Limits are also $294,515 in 2018.
Greenville NC / Pitt County Maximum FHA Loan Limits for 2018 is $294,515 which is higher from the 2017 FHA Loan Limits for Greenville NC.
If you are considering a new home purchase in NC, or have more questions about 2017 FHA Loan Limits in NC please call Steve and Eleanor Thorne 919-649-5058. We offer all of the NC First Time Home Buyer Programs available, and we understand the Real Estate and new home real estate market in North Carolina. Don’t let your credit score keep you from buying a house in 2018! We offer FHA Home Loans with middle credit scores under 600!