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FHA Mortgage in Charlotte MSA

Question about Iredell County, NC changing to the Charlotte-Concord-Gastonia MSA:

Since Iredell county is now a part of the Charlotte MSA, will the maximum mortgage amount go from $271,500 to $303750?  If so, when will this take effect?

Reason for asking: Wanting to purchase new home next year in Iredell county.  Would be very helpful if FHA loan limit increased to $303750.  We don't want to have to put an additional $32,250 down.

It seems logical that it would increase, assuming loan limits are based on MSA.  Is this true that the loan limits are based on MSA?

Thank you for any help with these questions.
  • November 08 2013 - Charlotte
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Answers (4)

OP, even though Iredell County moved under the Charlotte MSA the loan limit was lowered to $271,050. Turns out there will be a 6 month notice before any Agency limit changes, HUD chose to lower effective Jan 2014. 
  • December 07 2013
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This will be best answered by the FHA Homeownership Centers & the FHA Resource Center http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hoc/hsghocs

  • November 14 2013
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I wish we could, but we were discharged for a non-consumer ch7 bankruptcy because our business failed.  Although we were never late on any payments (completely current until date of filing) and the bankruptcy was non-consumer, the underwriter for a big bank said it was not an acceptable 'extenuating circumstance'.  UGH.  Know of any lenders who would take a look at us?

FICO scores that lender pulled are over 700, we are putting down a minimum of 20% ($80,000 +), unblemished payment history prior to bk. Also have had past mortgage and car loans with unblemished payment history.  Sold home prior to crash, so no foreclosure, short sale and no repos.
  • November 08 2013
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You should see that shortly when they establish loan limits for 2014. I believe Agency loan limits will be lowered for 2014 so if that happens FHA may also change.

What about putting down an additional $5K to go Conforming which currently has a $417K limit? You should be better off with a Conforming loan and 5% down.
  • November 08 2013
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