NEW CHARLOTTE FHA LIMITS!
Increased FHA loan limits for Charlotte
When the Economic Stimulus package was passed earlier, we knew the FHA limits in Charlotte were going to increase, but no one knew exactly how much they would increase by.
New FHA Mortgage Limit for Charlotte: $303,750
Earlier in the year, the FHA mortgage limits for Charlotte were increased to $230,740. Now, with the final interpretations published by HUD, the new FHA mortgage limit for Charlotte - Gastonia - Concord is $303,750.00! With the customary 3% down, this means that a home selling for $313,000 can now qualify for a Charlotte FHA mortgage!
This is great news for the Charlotte real estate market! FHA mortgages are flexible, require less money down in many cases and offer lower monthly mortgage insurance. Plus, with an FHA mortgage, Charlotte home buyers may not have as many credit score limitations imposed upon them!
This increase in Charlotte’s FHA loan limit is temporary. It is set to return to normal at the end of the year. So take advantage while you can!
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