FHA Loan Limits in NC are set to adjust annually, and the 2023 FHA Loan Limits in NC were just announced last month. 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. We believe this to due, in part to the fact home prices in General for all of NC have gone higher. Creating wealth with Homeownership has never been so easy!
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 Assistance Program of $15000, also work well with the FHA Home Loan in NC.
These maximum 2023 FHA loan limits in NC are effective for CASE NUMBERS pulled after 12/31/2023.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 $30,000 to $50,000 increase include Asheville, Charlotte, Raleigh, Greenville and Wilmington. These areas all saw increases to the FHA Loan Limits, due to a very strong housing market and higher home prices.
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.
2023 FHA Loan Limits in NC By Metro Area
Most of the 100 Counties in NC have a maximum FHA Loan Limit of $472,030, however, larger metropolitan areas have some variations.
Asheville NC /Buncombe County Maximum FHA Loan Limit in 2023 is $472,030. That’s UP from the Asheville area Maximum FHA Loan Limit in 2019 by more than $100,000. Haywood County, Henderson County, and Madison County fall in the “Metro” area for Asheville, and will see their FHA Loan Limits go to $472,030 as well.
Charlotte NC / Mecklenburg County Maximum FHA Loan Limit in 2023 is $472,030. That’s UP from the Charlotte area Maximum FHA Loan Limit in 2019 of $343,750. The maximum FHA Loan Limit is also adjusted for Anson County, which is just south of Charlotte to $472,030. Cabarrus County, Union County, and Gaston County – meaning Belmont, Gastonia, Matthews and Monroe will also be in the new FHA Loan Limit. Mooreville and Iredell County was already at a FHA Maximum Loan Limit of $472,030.
Raleigh NC / Wake County Maximum FHA Loan Limit in 2023 is $472,030. 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 2023 is also going higher to the $472,030 limit. Franklin County and Harnett County FHA Loan Limits will also adjust to the $472,030 FHA Limit. <<– THIS is a huge chnage! For DECADES Harnett County and Franklin County had much lower loan limits than Wake County.
Durham NC / Durham County Maximum FHA Loan Limit in 2023 is $472,030 up from the 2019 loan limit of $403,650. The Chapel Hill, NC FHA Loan Limit for 2023 is also $472,030. Person County, and Roxboro NC also have a maximum FHA Loan Limit of $472,030 which is down from the maximum loan limit of $506,000 in 2022.
Wilmington NC / New Hanover County Maximum FHA Loan Limit in 2023 is $472,030. That’s UP from the Wilmington area Maximum FHA Loan Limit in 2017 of $303,750. The Maximum FHA Loan Limit for Surf City and Pender County is also going up to $472,030, as well as Brunswick County and Southport NC.
Jacksonville, NC / Onslow County FHA Loan Limit in 2023 is $472,030. That’s UP from the Jacksonville, NC area Maximum FHA Loan Limit is up from 2019 limits of $314,827.
Morehead NC / Carteret County FHA Loan Limit in 2023 is $472,030. That’s UP from the Morehead, NC area Maximum FHA Loan Limit in 2018 of $294,515.
Elizabeth City NC / Camden County FHA Loan Limit in 2023 is $507,150. That’s DOWN significantly from the Elizabeth City, NC area Maximum FHA Loan Limit in 2022 of $729,500. Pasquotank County will also see FHA Loan Limit changes to $805,000, making it have the highest FHA Loan Limiit in the State of NC. Perquimans County is at a FHA Loan Limit of $726,200.
Kill Devil Hills / Dare County FHA Loan Limit in 2023 changes to $726,200. This FHA Loan Limit changes the 2019 limit of $460,000.
Winston Salem NC/ Forsyth County Maximum FHA Loan Limits in 2022 is $472,030. This is higher from the 2018 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 2022 is $472,030. This is higher from the 2019 FHA Maximum Loan Limit for Guilford County. Alamance County and Burlington, NC maximum FHA Loan Limits are also $472,030 in 2023.
Greenville NC / Pitt County Maximum FHA Loan Limits for 2023 is $472,030 which is slightly higher than last year’s FHA Loan Limits for Greenville NC.
If you are considering a new home purchase in NC, or have more questions about 2023 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 2023! We offer FHA Home Loans with middle credit scores under 600!
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