Home Loan Limit Increases for 2020
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There has been a lot of change happening in the real estate industry this year! Whether you are looking to buy your first home, upgrade to a new home, or sell your current home – you might be wondering if 2020 is the year to make this move.
The truth is that the real estate market is hot right now. I’ve been sharing industry updates and changes in recent videos, and continue to keep you updated about what is happening in the market. There are many opportunities available if you’d like to find the right home for your family.
2020 Loan Limit Increases
One of the biggest shifts we’ve seen is the change in loan limits by the FHA. These loan limit increases started at the beginning of the year. The changes affect both FHA loans and conventional loan limits for home buyers.
Available loan limits vary depending on your location. Here in Southwest Riverside County, these are the loan limits you can expect (based on the type of loan you are using):
- FHA Loans: The FHA has increased their loan amount to $442,750. This up from last year, and will help buyers have a little more access to find a home that they can afford.
- Conventional Loans: Additionally, the loan limits for conventional loans has increased to $510,400.
Remember – these loan limit numbers are just for Southwest Riverside County. They can be even higher or lower, depending on the county where you are buying outside of our region. It’s important that you know these loan limits before you start looking for a home. The best approach is to talk to a loan officer for pre-approval as soon as possible, so you know what you can afford in the home buying process.
Personalized Real Estate Services
Would you like more information about loan limits and how much buying power you have for your family? Contact me any time so I can connect you with one of my loan officers. I’m always happy to answer your questions by phone, text, or email if you’d like to learn more: (951) 473-0390 or [email protected].