Buy a new home with increased FHA 2020 loan limit.
In response to rising home prices in most counties, the Federal Housing Administration (FHA) has announced that the standard loan limit for most of the country will increase to $331,760 on January 1, 2020. This is an increase of almost $17,000 when compared to 2019’s $314,827 limit.
This is good for news for many homebuyers, especially first-time buyers who would like to buy a new home with a smaller down payment or with a lower credit score.
The following table lists the 2020 FHA loan limits for low cost areas:
To search for your county’s 2020 loan limit, click here.
In cooling housing markets where home prices have dropped, the FHA decreased loan limits in 11 counties located in Idaho, Minnesota, New York, North Carolina, Tennessee, Texas, and Virginia. Click here to see the 11 counties where the loan limits decreased.
This is good for news for many homebuyers, especially first-time buyers who would like to buy a new home with a smaller down payment or with a lower credit score.
The following table lists the 2020 FHA loan limits for low cost areas:
| NUMBER OF UNITS | LOW COST LOAN LIMITS | |
| 2020 | 2019 | |
| 1 | $331,760 | $314,827 |
| 2 | $424,800 | $403,125 |
| 3 | $513,450 | $487,250 |
| 4 | $638,100 | $605,525 |
To search for your county’s 2020 loan limit, click here.
In cooling housing markets where home prices have dropped, the FHA decreased loan limits in 11 counties located in Idaho, Minnesota, New York, North Carolina, Tennessee, Texas, and Virginia. Click here to see the 11 counties where the loan limits decreased.