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In response to rising home prices in many areas, the Federal Housing Administration (FHA) has announced new loan limits for 2020. The FHA’s standard limit for most of the country increased to $331,760. This is an increase of almost $17,000 when compared to 2019’s $314,827 limit.
Homebuyers in high-cost areas have been assigned higher FHA loan limits of up to $765,600 for a one-unit property. This limit increases purchase options for buyers in around 70 counties, including buyers looking to purchase a property in Edwards or Glenwood Springs in Colorado. The revised high-cost loan limit is based on the Housing and Economic Recovery Act of 2008 (HERA) requirement for the FHA to assign a loan limit to these areas equal to 150% of the national conforming limit.
This is good for news for many homebuyers, especially first-time buyers who would like to buy a home with a smaller down payment or with a lower credit score.
The following table lists the 2020 FHA loan limits:
To search for your county’s 2020 loan limit, click here.
In response to cooling markets and subsequent price changes, the FHA decreased loan limits in 11 counties. Click here to see the 11 counties with decreased FHA loan limits.
Mar 30, 2020
Mar 24, 2020
Mar 17, 2020