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Shelly Phill…, Other/Just Looking in Mishawaka, IN

Hi, what is the miniminum amount FHA will loan in North Carolina?

Asked by Shelly Phillips Benson, Mishawaka, IN Sun May 5, 2013

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0 votes Thank Flag Link Mon May 6, 2013
There is no minimum amount for a FHA loan. I have had clients buy homes that qualified for FHA in the $30,000 range. Most lenders prefer to keep it at no less than $50,000 but the reality is that the FHA guidelines do not set in stone the base as to what is considered a minimum amount.

I do have a lender that will finance you for under the 50K if that is what you are looking for.

Dave diCecco
Coldwell Banker United
0 votes Thank Flag Link Sun May 5, 2013
As far as I know, there is no minimum amount that is set my FHA. However, many lenders will not write a loan below about $50,000 for two reasons. First, their profit margin on writing a loan lower than that amount is almost non existent. Also, there are laws in NC about how high closing costs can be in relations to the loan amount. On loans lower than about $50,000, this often becomes an issue.

I recommend you speak to a few lenders to ask what their policy is on minimum FHA amounts.

Amy Baker
Allen Tate Realtors
0 votes Thank Flag Link Sun May 5, 2013
Around 417k give or take depending on what county in NC you are at...I hope this helps
0 votes Thank Flag Link Sun May 5, 2013
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