FHA increased the loan limits in 2008, and then lowered them January 1, 2009 and THEN raised them back UP on February 24, 2009! WOW!
So, if you are considering a purchase in NC, you might want to check out the NEW FHA Loan Limit for the County you are interested in!
Wake County/ Johnston County Limit $295,000
Durham County/Orange County Limit $334,650
New Hanover County/ Brunswick County / Pender County $303,750
Onslow County $306,250
Guilford County /Forsyth County $271,050
Mecklenburg County/Union County/ Cabarrus County $303,750
Iredell County $271,050
Buncombe County $303,750
FHA loans do not have a limit on the amount of income your family earns (like USDA does) and they allow you to receive a gift for your downpayment! FHA Guidelines is a bit more forgiving when it comes to credit, and you can purchase a home with a foreclosure or bankruptcy in your credit history!
If you are interested in purchasing property in a NC county I didn't list - please click here to check the new limit in your area! Don't forget, you might qualify for an $8,000 check from the new stimulus plan if you purchase property this year! Please read this for more details on how to qualify for the Government's Tax Credit!!
Have questions about purchasing a home in NC using FHA financing? Give us a call! Steve and Eleanor Thorne, .
Thanks for the info, Eleanor! Do you have the limits for Alamance, Caswell, Chatham and Randolph counties? Generous limits combined with the tax credit may spur some decent activity!
**Update - I just re-read the post and clicked on the link to look up that info. I appreciate all the effort you put into sharing such valuable info!**
We have had such affordable prices here that I haven't run into loan limits problems for some time thanks I check out the changes.
Carol! Glad you found the information you need! You know those counties (Alamance, Caswell, Chatham and Randolph) also have MANY areas that qualify for USDA 100% home loans! It's a GREAT time to buy!
Terry! We have MANY properties in the $300,000 range that now qualify for FHA financing! Woo Hoo!
Thanks for keeping us so informed Eleanor. There is such good news coming out now - rates, limits, tax credits... all surely to kick start the market!!
Hi Eleanor,
Great informaiton as always. Thanks so much for the link!
thanks so much for the update! things are changing every day and without your help it would be difficult to keep up!