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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!

What's the New Limit?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, .

 
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6 Comments on FHA Loan Limits Change in NC 2/24/2009

FEB
26
2009
211,928 Points 4 Featured Posts Outside Blog

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!**
8:56am • #1
548,032 Points 1 Featured Post Localism Sponsor Outside Blog Attended Rain Camp

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.
9:33am • #2
200,508 Points 27 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

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!
10:20am • #3
555,324 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

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!!

Your Raleigh Realtors!
2:43pm • #4
284,607 Points 37 Featured Posts Localism Sponsor Outside Blog

Hi Eleanor,

Great informaiton as always.  Thanks so much for the link!
4:50pm • #5
FEB
28
2009
571,409 Points 39 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

thanks so much for the update!  things are changing every day and without your help it would be difficult to keep up!
10:56am • #6

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Eleanor Thorne 919-649-5057 Cary Mortgage Loans

Cary, NC

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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

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