FHA mortgages are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
They are an excellent option, especially for first-time homeowners and individuals who may not qualify for a conventional loan due to their fico score.
FHA guidelines are not credit score driven. They do, however, want to see that your most recent 12 month credit history is clean. Credit problems from 12 - 24 months out will not keep you from getting a loan, but they will need to be explained. Bankruptcies, foreclosures, short sales and consumer credit counseling services will all be judged on a case by case basis.
FHA is also a great way to go if you are putting less than 20% down due to reduced monthy mortgage insurance premium.
The FHA loan process requires a little more documentation and an approved FHA appraiser, but is well worth the stability of a 30 year fixed(my favorite) and the low interest rates.
Here are some general features of FHA Loans:
Generally easier to qualify for than conventional loans.
Lower down payment requirements.
Recently increased loan limits!
Excellent Rates
Reduced monthly mortgage insurance because of upfront premium
Providing excellent rates and service is our primary goal. Having direct contact with underwriting allows me to maintain a constant flow of information to assure the loan process goes smoothly. VERY IMPORTANT: I know how our banks will react to different loan scenerios. If your mortgage does not get an automated accept. It will then have to be manually underwritten, which involves human review. Every bank has their own guidelines that they impose, plus not every underwriter is the same. In order to proceed with the loan we would get a list of compensating factors(basically, reasons for doing the loan). I have had many case where these factors turned a deny into an accept.
For more information click on the FHA link.
Below is a list of FHA loan limits in South Carolina and North Carolina
South Carolina FHA Loan Limits
| MSA Name | MSA Code | Division | County Name | County Code |
State | One-Family | Two-Family | Three-Family | Four-Family | Last Revised |
| NON-METRO | 99999 | ABBEVILLE | 001 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| AUGUSTA-RICHMOND COUNTY, GA-SC (MSA) | 12260 | AIKEN | 003 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | ALLENDALE | 005 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| ANDERSON, SC (MSA) | 11340 | ANDERSON | 007 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | BAMBERG | 009 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | BARNWELL | 011 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| HILTON HEAD ISLAND-BEAUFORT, SC (MICRO) | 25940 | BEAUFORT | 013 | SC | $387,500 | $496,050 | $599,600 | $745,200 | 03/05/2008 | |
| CHARLESTON-NORTH CHARLESTON, SC (MSA) | 16700 | BERKELEY | 015 | SC | $335,000 | $428,850 | $518,400 | $644,250 | 03/05/2008 | |
| COLUMBIA, SC (MSA) | 17900 | CALHOUN | 017 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| CHARLESTON-NORTH CHARLESTON, SC (MSA) | 16700 | CHARLESTON | 019 | SC | $335,000 | $428,850 | $518,400 | $644,250 | 03/05/2008 | |
| GAFFNEY, SC (MICRO) | 23500 | CHEROKEE | 021 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| CHESTER, SC (MICRO) | 16900 | CHESTER | 023 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | CHESTERFIELD | 025 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | CLARENDON | 027 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| WALTERBORO, SC (MICRO) | 47500 | COLLETON | 029 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| FLORENCE, SC (MSA) | 22500 | DARLINGTON | 031 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| DILLON, SC (MICRO) | 19900 | DILLON | 033 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| CHARLESTON-NORTH CHARLESTON, SC (MSA) | 16700 | DORCHESTER | 035 | SC | $335,000 | $428,850 | $518,400 | $644,250 | 03/05/2008 | |
| AUGUSTA-RICHMOND COUNTY, GA-SC (MSA) | 12260 | EDGEFIELD | 037 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| COLUMBIA, SC (MSA) | 17900 | FAIRFIELD | 039 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| FLORENCE, SC (MSA) | 22500 | FLORENCE | 041 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| GEORGETOWN, SC (MICRO) | 23860 | GEORGETOWN | 043 | SC | $395,000 | $505,650 | $611,250 | $759,600 | 03/05/2008 | |
| GREENVILLE, SC (MSA) | 24860 | GREENVILLE | 045 | SC | $295,000 | $377,650 | $456,500 | $567,300 | 03/05/2008 | |
| GREENWOOD, SC (MICRO) | 24940 | GREENWOOD | 047 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | HAMPTON | 049 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC (MSA) | 34820 | HORRY | 051 | SC | $286,250 | $366,450 | $442,950 | $550,450 | 03/05/2008 | |
| HILTON HEAD ISLAND-BEAUFORT, SC (MICRO) | 25940 | JASPER | 053 | SC | $387,500 | $496,050 | $599,600 | $745,200 | 03/05/2008 | |
| COLUMBIA, SC (MSA) | 17900 | KERSHAW | 055 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| LANCASTER, SC (MICRO) | 29580 | LANCASTER | 057 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| GREENVILLE, SC (MSA) | 24860 | LAURENS | 059 | SC | $295,000 | $377,650 | $456,500 | $567,300 | 03/05/2008 | |
| NON-METRO | 99999 | LEE | 061 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| COLUMBIA, SC (MSA) | 17900 | LEXINGTON | 063 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | MARION | 067 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| BENNETTSVILLE, SC (MICRO) | 13500 | MARLBORO | 069 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | MCCORMICK | 065 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NEWBERRY, SC (MICRO) | 35140 | NEWBERRY | 071 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| SENECA, SC (MICRO) | 42860 | OCONEE | 073 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| ORANGEBURG, SC (MICRO) | 36700 | ORANGEBURG | 075 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| GREENVILLE, SC (MSA) | 24860 | PICKENS | 077 | SC | $295,000 | $377,650 | $456,500 | $567,300 | 03/05/2008 | |
| COLUMBIA, SC (MSA) | 17900 | RICHLAND | 079 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| COLUMBIA, SC (MSA) | 17900 | SALUDA | 081 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| SPARTANBURG, SC (MSA) | 43900 | SPARTANBURG | 083 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| SUMTER, SC (MSA) | 44940 | SUMTER | 085 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| UNION, SC (MICRO) | 46420 | UNION | 087 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | WILLIAMSBURG | 089 | SC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) | 16740 | YORK | 091 | SC | $303,750 | $388,850 | $470,000 | $584,150 | 03/05/2008 |
North Carolina FHA Loan Limits
| MSA Name | MSA Code | Division | County Name | County Code |
State | One-Family | Two-Family | Three-Family | Four-Family | Last Revised |
| BURLINGTON, NC (MSA) | 15500 | ALAMANCE | 001 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| HICKORY-LENOIR-MORGANTON, NC (MSA) | 25860 | ALEXANDER | 003 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | ALLEGHANY | 005 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) | 16740 | ANSON | 007 | NC | $303,750 | $388,850 | $470,000 | $584,150 | 03/05/2008 | |
| NON-METRO | 99999 | ASHE | 009 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | AVERY | 011 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| WASHINGTON, NC (MICRO) | 47820 | BEAUFORT | 013 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | BERTIE | 015 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | BLADEN | 017 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| WILMINGTON, NC (MSA) | 48900 | BRUNSWICK | 019 | NC | $303,750 | $388,850 | $470,000 | $584,150 | 03/05/2008 | |
| ASHEVILLE, NC (MSA) | 11700 | BUNCOMBE | 021 | NC | $303,750 | $388,850 | $470,000 | $584,150 | 03/05/2008 | |
| HICKORY-LENOIR-MORGANTON, NC (MSA) | 25860 | BURKE | 023 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) | 16740 | CABARRUS | 025 | NC | $303,750 | $388,850 | $470,000 | $584,150 | 03/05/2008 | |
| HICKORY-LENOIR-MORGANTON, NC (MSA) | 25860 | CALDWELL | 027 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| ELIZABETH CITY, NC (MICRO) | 21020 | CAMDEN | 029 | NC | $729,750 | $934,200 | $1,129,250 | $1,403,400 | 03/05/2008 | |
| MOREHEAD CITY, NC (MICRO) | 33980 | CARTERET | 031 | NC | $287,500 | $368,050 | $444,900 | $552,900 | 03/05/2008 | |
| NON-METRO | 99999 | CASWELL | 033 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| HICKORY-LENOIR-MORGANTON, NC (MSA) | 25860 | CATAWBA | 035 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| DURHAM, NC (MSA) | 20500 | CHATHAM | 037 | NC | $331,250 | $424,050 | $512,600 | $637,000 | 03/05/2008 | |
| NON-METRO | 99999 | CHEROKEE | 039 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | CHOWAN | 041 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | CLAY | 043 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| SHELBY, NC (MICRO) | 43140 | CLEVELAND | 045 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | COLUMBUS | 047 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NEW BERN, NC (MICRO) | 35100 | CRAVEN | 049 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| FAYETTEVILLE, NC (MSA) | 22180 | CUMBERLAND | 051 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) | 47260 | CURRITUCK | 053 | NC | $428,750 | $548,850 | $663,450 | $824,500 | 03/05/2008 | |
| KILL DEVIL HILLS, NC (MICRO) | 28620 | DARE | 055 | NC | $460,000 | $588,850 | $711,800 | $884,600 | 03/05/2008 | |
| THOMASVILLE-LEXINGTON, NC (MICRO) | 45640 | DAVIDSON | 057 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| WINSTON-SALEM, NC (MSA) | 49180 | DAVIE | 059 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | DUPLIN | 061 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| DURHAM, NC (MSA) | 20500 | DURHAM | 063 | NC | $331,250 | $424,050 | $512,600 | $637,000 | 03/05/2008 | |
| ROCKY MOUNT, NC (MSA) | 40580 | EDGECOMBE | 065 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| WINSTON-SALEM, NC (MSA) | 49180 | FORSYTH | 067 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| RALEIGH-CARY, NC (MSA) | 39580 | FRANKLIN | 069 | NC | $295,000 | $377,650 | $456,500 | $567,300 | 03/05/2008 | |
| CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) | 16740 | GASTON | 071 | NC | $303,750 | $388,850 | $470,000 | $584,150 | 03/05/2008 | |
| NON-METRO | 99999 | GATES | 073 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | GRAHAM | 075 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | GRANVILLE | 077 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| GREENVILLE, NC (MSA) | 24780 | GREENE | 079 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| GREENSBORO-HIGH POINT, NC (MSA) | 24660 | GUILFORD | 081 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| ROANOKE RAPIDS, NC (MICRO) | 40260 | HALIFAX | 083 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| DUNN, NC (MICRO) | 20380 | HARNETT | 085 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| ASHEVILLE, NC (MSA) | 11700 | HAYWOOD | 087 | NC | $303,750 | $388,850 | $470,000 | $584,150 | 03/05/2008 | |
| ASHEVILLE, NC (MSA) | 11700 | HENDERSON | 089 | NC | $303,750 | $388,850 | $470,000 | $584,150 | 03/05/2008 | |
| NON-METRO | 99999 | HERTFORD | 091 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| FAYETTEVILLE, NC (MSA) | 22180 | HOKE | 093 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | HYDE | 095 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| STATESVILLE-MOORESVILLE, NC (MICRO) | 44380 | IREDELL | 097 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 | |
| NON-METRO | 99999 | JACKSON | 099 | NC | $271,050 | $347,000 | $419,400 | $521,250 | 03/05/2008 |
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