Whether you're looking for a swimming and surfing spot on the Outer Banks or a modest cabin in the Blue Ridge Mountains, buying a home in North Carolina is a wonderful choice.
The problem is that the house hunting process is all sunshine, while choosing the right type of home loan is stormy weather. FHA loans are a great option if you don’t have a lot of extra cash for a down payment, especially if you’re a first time home buyer. Keep reading to see why an FHA loan in North Carolina may be the right home loan option for you.
Whether you are looking to purchase a home in Raleigh, Charlotte, Winston, or Durham, you can’t go wrong when deciding to live in North Carolina. Many residents of this coastal state are choosing an FHA home loan, and as of April 2019, the total value of FHA loans in the state of North Carolina was $288 million!
Generally speaking, the majority of counties in North Carolina will have a maximum loan limit of $498,257. This number is adjusted annually, and varies depending on the location you purchase a house in. For example, places like Virginia Beach and Elizabeth City have higher loan limits due to higher real estate costs. Use the link below to see the full list of FHA loan limits in North Carolina.
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.