Select your Scenario
3.5% Down (minimum)
5.975%30-year fixed
10% Down
5.975%30-year fixed · shorter MIP
15-Year FHA
5.975%Faster payoff
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FHA Loan Details for ZIP Code 28204
2025 HUD guidelines · Computed from local median home value
- • Minimum credit score: 580 for 3.5% down · 500–579 requires 10% down
- • Debt-to-income ratio: typically up to 57% with compensating factors
- • UFMIP can be financed into the loan — no cash required at closing for this fee
- • Annual MIP rate shown is 0.55% for a 30-yr loan with LTV >90%. Rate varies by term and LTV.
Frequently Asked Questions
What are current fha rates today in 28204, Charlotte, NC?
Today's leading benchmark rate for fha rates in 28204, Charlotte, NC is 6.836% (with an estimated monthly payment of $3,125). Calibrated directly to 28204, Charlotte, NC's local housing market, Safe Rate shows up-to-the-minute interest rates and points across Conventional, FHA, VA, and Jumbo loan programs daily.
What is the recent trend for fha rates in 28204, Charlotte, NC?
Mortgage rates for fha rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, rates for fha rates in 28204, Charlotte, NC have hovered between a low of 6.457% and a high of 6.917%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 28204, Charlotte, NC?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $736,412 in 28204, Charlotte, NC, a standard 20%-down Conventional loan requires an upfront cash down payment of $147,282 but keeps your monthly payment lower at $3,125/mo (at 6.836% interest) with no monthly PMI. In comparison, an FHA loan requires only $25,774 (3.5% down) but has an estimated payment of $3,293/mo (at 5.975% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $710,638 falls comfortably within the local HUD FHA loan limit of $846,874 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 28204 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 28204 is $806,501. With a typical local home value of $736,412 in Charlotte, a standard 20%-down mortgage requires a loan size of $589,130. Because this is within the $806,501 conforming threshold, buyers can qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 28204, Charlotte, NC impact estimated mortgage payments?
The median home value in 28204, Charlotte, NC is estimated at $736,412. Buying a typical home here with a standard 20% down payment ($147,282) translates to an estimated starting monthly mortgage payment of $3,125 (principal and interest). Compared to the local area median household income of $90,724 ($7,560/mo), this basic housing payment represents approximately 41.3% of gross monthly household income. Because this housing cost exceeds the standard 36% lender DTI guideline, buyers in this high-value area may need larger down payments, lower debt balances, or co-borrower income to qualify.