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changing loan limits in 2020

Friday, December 13, 2019   /   by Ken Couture

changing loan limits in 2020


The following changes are part of the Blue Water Navy Vietnam Veterans Act of 2019, signed into law in June 2019, and effective for loans closed on or after January 1, 2020.

• The new law eliminates VA loan limits.
Conforming Loan Limits are no longer a factor for Veterans with full entitlement. For Veterans with full entitlement, the maximum amount of guaranty for a loan above $144,000 is 25% of the loan amount, regardless of the conforming loan limit.
FHA 2020 Loan Limit
The FHA national low-cost area mortgage limits, which are set at 65 percent of the national conforming limit of $510,400 for a one-unit Property, are, by property unit number, as follows:
• • One-unit: $331,760
• • Two-unit: $424,800
• • Three-unit: $513,450
• • Four-unit: $638,100