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
Area
1-Unit
2-Unit
3-Unit
4-Unit
ALAMANCEBURLINGTON, NC$510,400$653,550$789,950$981,700
ALEXANDERHICKORY-LENOIR-MORGANTON, NC$510,400$653,550$789,950$981,700
ALLEGHANYNON-METRO$510,400$653,550$789,950$981,700
ANSONCHARLOTTE-CONCORD-GASTONIA, NC-SC$510,400$653,550$789,950$981,700
ASHENON-METRO$510,400$653,550$789,950$981,700
AVERYNON-METRO$510,400$653,550$789,950$981,700
BEAUFORTWASHINGTON, NC$510,400$653,550$789,950$981,700
BERTIENON-METRO$510,400$653,550$789,950$981,700
BLADENNON-METRO$510,400$653,550$789,950$981,700
BRUNSWICKMYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC$510,400$653,550$789,950$981,700
BUNCOMBEASHEVILLE, NC$510,400$653,550$789,950$981,700
BURKEHICKORY-LENOIR-MORGANTON, NC$510,400$653,550$789,950$981,700
CABARRUSCHARLOTTE-CONCORD-GASTONIA, NC-SC$510,400$653,550$789,950$981,700
CALDWELLHICKORY-LENOIR-MORGANTON, NC$510,400$653,550$789,950$981,700
CAMDENVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
CARTERETMOREHEAD CITY, NC$510,400$653,550$789,950$981,700
CASWELLNON-METRO$510,400$653,550$789,950$981,700
CATAWBAHICKORY-LENOIR-MORGANTON, NC$510,400$653,550$789,950$981,700
CHATHAMDURHAM-CHAPEL HILL, NC$510,400$653,550$789,950$981,700
CHEROKEENON-METRO$510,400$653,550$789,950$981,700
CHOWANNON-METRO$510,400$653,550$789,950$981,700
CLAYNON-METRO$510,400$653,550$789,950$981,700
CLEVELANDSHELBY, NC$510,400$653,550$789,950$981,700
COLUMBUSNON-METRO$510,400$653,550$789,950$981,700
CRAVENNEW BERN, NC$510,400$653,550$789,950$981,700
CUMBERLANDFAYETTEVILLE, NC$510,400$653,550$789,950$981,700
CURRITUCKVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
DAREKILL DEVIL HILLS, NC$510,400$653,550$789,950$981,700
DAVIDSONWINSTON-SALEM, NC$510,400$653,550$789,950$981,700
DAVIEWINSTON-SALEM, NC$510,400$653,550$789,950$981,700
DUPLINNON-METRO$510,400$653,550$789,950$981,700
DURHAMDURHAM-CHAPEL HILL, NC$510,400$653,550$789,950$981,700
EDGECOMBEROCKY MOUNT, NC$510,400$653,550$789,950$981,700
FORSYTHWINSTON-SALEM, NC$510,400$653,550$789,950$981,700
FRANKLINRALEIGH-CARY, NC$510,400$653,550$789,950$981,700
GASTONCHARLOTTE-CONCORD-GASTONIA, NC-SC$510,400$653,550$789,950$981,700
GATESVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
GRAHAMNON-METRO$510,400$653,550$789,950$981,700
GRANVILLEDURHAM-CHAPEL HILL, NC$510,400$653,550$789,950$981,700
GREENENON-METRO$510,400$653,550$789,950$981,700
GUILFORDGREENSBORO-HIGH POINT, NC$510,400$653,550$789,950$981,700
HALIFAXROANOKE RAPIDS, NC$510,400$653,550$789,950$981,700
HARNETTFAYETTEVILLE, NC$510,400$653,550$789,950$981,700
HAYWOODASHEVILLE, NC$510,400$653,550$789,950$981,700
HENDERSONASHEVILLE, NC$510,400$653,550$789,950$981,700
HERTFORDNON-METRO$510,400$653,550$789,950$981,700
HOKEFAYETTEVILLE, NC$510,400$653,550$789,950$981,700
HYDENON-METRO$510,400$653,550$789,950$981,700
IREDELLCHARLOTTE-CONCORD-GASTONIA, NC-SC$510,400$653,550$789,950$981,700
JACKSONCULLOWHEE, NC$510,400$653,550$789,950$981,700
JOHNSTONRALEIGH-CARY, NC$510,400$653,550$789,950$981,700
JONESNEW BERN, NC$510,400$653,550$789,950$981,700
LEESANFORD, NC$510,400$653,550$789,950$981,700
LENOIRKINSTON, NC$510,400$653,550$789,950$981,700
LINCOLNCHARLOTTE-CONCORD-GASTONIA, NC-SC$510,400$653,550$789,950$981,700
MACONNON-METRO$510,400$653,550$789,950$981,700
MADISONASHEVILLE, NC$510,400$653,550$789,950$981,700
MARTINNON-METRO$510,400$653,550$789,950$981,700
MCDOWELLMARION, NC$510,400$653,550$789,950$981,700
MECKLENBURGCHARLOTTE-CONCORD-GASTONIA, NC-SC$510,400$653,550$789,950$981,700
MITCHELLNON-METRO$510,400$653,550$789,950$981,700
MONTGOMERYNON-METRO$510,400$653,550$789,950$981,700
MOOREPINEHURST-SOUTHERN PINES, NC$510,400$653,550$789,950$981,700
NASHROCKY MOUNT, NC$510,400$653,550$789,950$981,700
NEW HANOVERWILMINGTON, NC$510,400$653,550$789,950$981,700
NORTHAMPTONROANOKE RAPIDS, NC$510,400$653,550$789,950$981,700
ONSLOWJACKSONVILLE, NC$510,400$653,550$789,950$981,700
ORANGEDURHAM-CHAPEL HILL, NC$510,400$653,550$789,950$981,700
PAMLICONEW BERN, NC$510,400$653,550$789,950$981,700
PASQUOTANKELIZABETH CITY, NC$625,500$800,775$967,950$1,202,925
PENDERWILMINGTON, NC$510,400$653,550$789,950$981,700
PERQUIMANSELIZABETH CITY, NC$625,500$800,775$967,950$1,202,925
PERSONDURHAM-CHAPEL HILL, NC$510,400$653,550$789,950$981,700
PITTGREENVILLE, NC$510,400$653,550$789,950$981,700
POLKNON-METRO$510,400$653,550$789,950$981,700
RANDOLPHGREENSBORO-HIGH POINT, NC$510,400$653,550$789,950$981,700
RICHMONDROCKINGHAM, NC$510,400$653,550$789,950$981,700
ROBESONLUMBERTON, NC$510,400$653,550$789,950$981,700
ROCKINGHAMGREENSBORO-HIGH POINT, NC$510,400$653,550$789,950$981,700
ROWANCHARLOTTE-CONCORD-GASTONIA, NC-SC$510,400$653,550$789,950$981,700
RUTHERFORDFOREST CITY, NC$510,400$653,550$789,950$981,700
SAMPSONNON-METRO$510,400$653,550$789,950$981,700
SCOTLANDLAURINBURG, NC$510,400$653,550$789,950$981,700
STANLYALBEMARLE, NC$510,400$653,550$789,950$981,700
STOKESWINSTON-SALEM, NC$510,400$653,550$789,950$981,700
SURRYMOUNT AIRY, NC$510,400$653,550$789,950$981,700
SWAINCULLOWHEE, NC$510,400$653,550$789,950$981,700
TRANSYLVANIABREVARD, NC$510,400$653,550$789,950$981,700
TYRRELLNON-METRO$510,400$653,550$789,950$981,700
UNIONCHARLOTTE-CONCORD-GASTONIA, NC-SC$510,400$653,550$789,950$981,700
VANCEHENDERSON, NC$510,400$653,550$789,950$981,700
WAKERALEIGH-CARY, NC$510,400$653,550$789,950$981,700
WARRENNON-METRO$510,400$653,550$789,950$981,700
WASHINGTONNON-METRO$510,400$653,550$789,950$981,700
WATAUGABOONE, NC$510,400$653,550$789,950$981,700
WAYNEGOLDSBORO, NC$510,400$653,550$789,950$981,700
WILKESNORTH WILKESBORO, NC$510,400$653,550$789,950$981,700
WILSONWILSON, NC$510,400$653,550$789,950$981,700
YADKINWINSTON-SALEM, NC$510,400$653,550$789,950$981,700
YANCEYNON-METRO$510,400$653,550$789,950$981,700

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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