We have good news for customers planning to take advantage of FHA loans next year!
The Federal Housing Administration just increased FHA loan limits to $331,760 for single units for 2020. This is an increase of more than $26,000 over this year, giving home buyers room to spend a little more on their dream home. In high-cost areas, the loan limit will increase to $765,600 for single units. This amount is up by more than $39,000 from this year.
Here’s what that means for you:
With increasing loan limits, home buyers can now expect to borrow more money - giving you more flexibility when searching for a home.
Higher limits also apply for multifamily properties. In low cost areas, the limits are:
Limits for multifamily properties in high-cost areas:
The new limits will apply to mortgages for which case numbers are assigned on or after January 1, 2020. When you are ready to start shopping for your next home, call your First Bank Mortgage team at 469.277.3535.
You can also contact us online and get pre-qualified online too!
We can’t wait to make your dream home a dream come true.