You Can Still Benefit from Home Loan Increases from 2020
Filed under: Mortgage Rates
We’ve heard a lot of commentary about how everyone is glad that 2020 is over! Now that we are in the New Year, there are still a few benefits that we can enjoy from the positive things that happened in 2020. A few changes in the industry have affected the real estate market, and one that I want to highlight is the change in home loan limits.
Higher Home Loan Limits
These home loan limits went through at the beginning of 2020, and have been key to helping families get the financing needed – even with the rising real estate prices that we are continuing to see.
In our area of Southwest Riverside County, the FHA has increased the loan limit amount to $442,750 for 2020 – which is up from the previous year. Additionally, conventional loans have been raised up to $510,400.
Remember, these loan limits are just for our local area, and they can change each year. I’ll keep you updated about new information in 2021. Additionally, the loan limits can be higher or lower, depending on the county, if you decide to buy a home outside of our region. The best solution is to work with an experienced real estate agent and a mortgage broker to determine your qualifications for home financing.
How Much Buying Power Do You Have?
If you need more information about loan limits, your current buying power, or navigating the real estate market, then I’m always here to help. Contact me and I will connect you with one of my local loan offices.
My team is just a phone call away, and ready to assist with full-service real estate support in Temecula. Whether you are buying or selling, call me right away so I can help you get the best deal. Call, email, or text at your convenience if you’d like to talk to a real estate expert: (951) 473-0390 or [email protected].