A new year customarily elicits widespread speculation on the economy and its various aspects, but 2020 has the added intrigue of a fresh decade and an upcoming presidential election. The housing
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
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Corey Vandenberg, NMLS ID #563900
Platinum Home Mortgage Corp Company NMLS #:13589
1010 Main Street Lafayette, IN 47901
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