FHA Loan Limits Have Increased for 2020!

Dated: January 29 2020

Views: 1488

EXCITING NEWS!

 

FHA Loan Limits Have Increased for 2020!

The Federal Housing Administration (FHA) has announced new loan limits for 2020 in response to the increase in home prices across the country, making homeownership easier to attain for more Americans.

Why Are Loan Limits Increasing?

Housing prices are on the rise, and the FHA is required by the National Housing Act to maintain limits at 115% of median home prices (calculated using Metropolitan Statistical Area [MSA] and county information).

New Loan Limits

Floor limits for one-unit properties are increasing across most of America, from $314,827 to $331,760 in 2020, which is 65% of the national conforming loan limit of $510,400. In high-cost areas, ceiling loan limits will increase by nearly $40,000, from $726,525 to $765,600. These percentages are mandated by the Housing Economic Recovery Act (HERA).

2020 Loan Limits
 

Old Floor LimitNew Floor Limit
$314,827$331,760
 
Old Ceiling LimitNew Ceiling Limit
$726,525$765,600

Courtesy of 

Corey Vandenberg, NMLS ID #563900
Platinum Home Mortgage Corp Company NMLS #:13589
1010 Main Street Lafayette, IN 47901

Blog author image

Victoria Brooks

I am available 24/7 to assist you with all your real estate needs at 208.440.8541. email me at victoria@idahoplaces.com Idaho is my home. I love helping those who wish to move here and enjoy all that....

Latest Blog Posts

The greater Idaho facts

Interesting Fact for the day: Idaho!Here's a few things to mull over about the state.……Boise means "the trees" in French, since the earliest fur trappers, being French-Canadians,

Read More

Mountain Region Sees Rapid Run-Up in Home Prices

©Anna Gorin - Getty Images U.S. home prices continue to rise, and homeowners in some pockets of the country—notably in the mountain region—are seeing some of the highest

Read More

FHA Loan Limits Have Increased for 2020!

EXCITING NEWS! FHA Loan Limits Have Increased for 2020!The Federal Housing Administration (FHA) has announced new loan limits for 2020 in response to the increase in home prices across the

Read More