FHA Loan Calculator for North Carolina

FHA Loans in North Carolina

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On North Carolina's median home of $300,000, that's a minimum down payment of $10,500.

FHA Loan Limits in North Carolina

FHA loan limits vary by county and are tied to conforming limits. In most North Carolina counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All North Carolina counties are at the standard conforming limit.

FHA vs Conventional in North Carolina

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With North Carolina's median home at $300,000, buyers who can put down $60,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

North Carolina closing costs average $2,800. North Carolina has a modest revenue stamps tax ($1/$500 of sale price). Overall closing costs are below national average, part of the state's appeal for in-migration. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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