What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. North Carolina conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore North Carolina conventional loan limits are the same thing as North Carolina conforming loan limits.

North Carolina Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in North Carolina are determined by:

  • North Carolina Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in North Carolina are set at the floor amount of $424,100 across the entire state. Metro areas in NC with a conforming mortgage limit of $424,100 include Charlotte, Raleigh, Durham, Winston-Salem and New Bern.

Search all Conventional Loan Limits in North Carolina:

County Name
ALAMANCEBURLINGTON, NC$424,100$543,000$656,350$815,650
ALEXANDERHICKORY-LENOIR-MORGANTON, NC$424,100$543,000$656,350$815,650
BEAUFORTWASHINGTON, NC$424,100$543,000$656,350$815,650
BUNCOMBEASHEVILLE, NC$424,100$543,000$656,350$815,650
BURKEHICKORY-LENOIR-MORGANTON, NC$424,100$543,000$656,350$815,650
CABARRUSCHARLOTTE-CONCORD-GASTONIA, NC-SC$424,100$543,000$656,350$815,650
CALDWELLHICKORY-LENOIR-MORGANTON, NC$424,100$543,000$656,350$815,650
CAMDENELIZABETH CITY, NC$625,500$800,775$967,950$1,202,925
CARTERETMOREHEAD CITY, NC$424,100$543,000$656,350$815,650
CATAWBAHICKORY-LENOIR-MORGANTON, NC$424,100$543,000$656,350$815,650
CHATHAMDURHAM-CHAPEL HILL, NC$424,100$543,000$656,350$815,650
CLEVELANDSHELBY, NC$424,100$543,000$656,350$815,650
CRAVENNEW BERN, NC$424,100$543,000$656,350$815,650
CUMBERLANDFAYETTEVILLE, NC$424,100$543,000$656,350$815,650
DAREKILL DEVIL HILLS, NC$424,100$543,000$656,350$815,650
DAVIDSONWINSTON-SALEM, NC$424,100$543,000$656,350$815,650
DAVIEWINSTON-SALEM, NC$424,100$543,000$656,350$815,650
DURHAMDURHAM-CHAPEL HILL, NC$424,100$543,000$656,350$815,650
EDGECOMBEROCKY MOUNT, NC$424,100$543,000$656,350$815,650
FORSYTHWINSTON-SALEM, NC$424,100$543,000$656,350$815,650
FRANKLINRALEIGH, NC$424,100$543,000$656,350$815,650
GASTONCHARLOTTE-CONCORD-GASTONIA, NC-SC$424,100$543,000$656,350$815,650
GRANVILLEOXFORD, NC$424,100$543,000$656,350$815,650
GUILFORDGREENSBORO-HIGH POINT, NC$424,100$543,000$656,350$815,650
HALIFAXROANOKE RAPIDS, NC$424,100$543,000$656,350$815,650
HARNETTDUNN, NC$424,100$543,000$656,350$815,650
HAYWOODASHEVILLE, NC$424,100$543,000$656,350$815,650
HENDERSONASHEVILLE, NC$424,100$543,000$656,350$815,650
HOKEFAYETTEVILLE, NC$424,100$543,000$656,350$815,650
IREDELLCHARLOTTE-CONCORD-GASTONIA, NC-SC$424,100$543,000$656,350$815,650
JACKSONCULLOWHEE, NC$424,100$543,000$656,350$815,650
JOHNSTONRALEIGH, NC$424,100$543,000$656,350$815,650
JONESNEW BERN, NC$424,100$543,000$656,350$815,650
LEESANFORD, NC$424,100$543,000$656,350$815,650
LENOIRKINSTON, NC$424,100$543,000$656,350$815,650
LINCOLNCHARLOTTE-CONCORD-GASTONIA, NC-SC$424,100$543,000$656,350$815,650
MADISONASHEVILLE, NC$424,100$543,000$656,350$815,650
MCDOWELLMARION, NC$424,100$543,000$656,350$815,650
MOOREPINEHURST-SOUTHERN PINES, NC$424,100$543,000$656,350$815,650
NASHROCKY MOUNT, NC$424,100$543,000$656,350$815,650
NEW HANOVERWILMINGTON, NC$424,100$543,000$656,350$815,650
NORTHAMPTONROANOKE RAPIDS, NC$424,100$543,000$656,350$815,650
ONSLOWJACKSONVILLE, NC$424,100$543,000$656,350$815,650
ORANGEDURHAM-CHAPEL HILL, NC$424,100$543,000$656,350$815,650
PAMLICONEW BERN, NC$424,100$543,000$656,350$815,650
PASQUOTANKELIZABETH CITY, NC$625,500$800,775$967,950$1,202,925
PENDERWILMINGTON, NC$424,100$543,000$656,350$815,650
PERQUIMANSELIZABETH CITY, NC$625,500$800,775$967,950$1,202,925
PERSONDURHAM-CHAPEL HILL, NC$424,100$543,000$656,350$815,650
PITTGREENVILLE, NC$424,100$543,000$656,350$815,650
RANDOLPHGREENSBORO-HIGH POINT, NC$424,100$543,000$656,350$815,650
RICHMONDROCKINGHAM, NC$424,100$543,000$656,350$815,650
ROBESONLUMBERTON, NC$424,100$543,000$656,350$815,650
ROCKINGHAMGREENSBORO-HIGH POINT, NC$424,100$543,000$656,350$815,650
ROWANCHARLOTTE-CONCORD-GASTONIA, NC-SC$424,100$543,000$656,350$815,650
RUTHERFORDFOREST CITY, NC$424,100$543,000$656,350$815,650
SCOTLANDLAURINBURG, NC$424,100$543,000$656,350$815,650
STANLYALBEMARLE, NC$424,100$543,000$656,350$815,650
STOKESWINSTON-SALEM, NC$424,100$543,000$656,350$815,650
SURRYMOUNT AIRY, NC$424,100$543,000$656,350$815,650
TRANSYLVANIABREVARD, NC$424,100$543,000$656,350$815,650
TYRRELLKILL DEVIL HILLS, NC$424,100$543,000$656,350$815,650
UNIONCHARLOTTE-CONCORD-GASTONIA, NC-SC$424,100$543,000$656,350$815,650
VANCEHENDERSON, NC$424,100$543,000$656,350$815,650
WAKERALEIGH, NC$424,100$543,000$656,350$815,650
WATAUGABOONE, NC$424,100$543,000$656,350$815,650
WAYNEGOLDSBORO, NC$424,100$543,000$656,350$815,650
WILKESNORTH WILKESBORO, NC$424,100$543,000$656,350$815,650
WILSONWILSON, NC$424,100$543,000$656,350$815,650
YADKINWINSTON-SALEM, NC$424,100$543,000$656,350$815,650

North Carolina conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in North Carolina?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in North Carolina, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum North Carolina Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

Conventional Mortgage Loan Requirements in NCConventional mortgage guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in North Carolina?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in North Carolina:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in North Carolina, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More North Carolina Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:


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