Here is a quick update on the official Mortgage Limits changes for 2020!
“Conventional – new limits for all loans delivered after 1/1/2020 will be $510,400 (whoo hoo!!!)
This means First time home buyers using (3% down payment) can buy at a maximum purchase price of $526,185
5% down Owner Occupant Buyers can buy at a maximum purchase price of $537,263
FHA made their official announcement and loans with case-file numbers after 1/1/2020 will have the following increases: Maricopa County $331,760 Max loan Single Family
This means that the maximum purchase price using minimum down payment (3.5%) would be $343,792 *** Also note that the mortgage amounts go up depending on unit count… This is especially important for all of those investment minded owner occupants who are open to living in a multi-unit property 🙂
VA* – currently follows the conventional loan limits however there is a bill “ Blue Water Navy Vietnam Veterans Act of 2019 that will eliminate loan limits restrictions for 100% financing in January 2020…This is big news more details on this in the next couple of weeks, but we still waiting for the VA Circular that will make the changes official.”
Information Provided Courtesy of Lizy Hoeffer
Lizy Hoeffer Team at Cross Country Mortgage
2020 Should continue to see lower than normal interest rates and inventory. This is a really good environment for sellers to put their properties up for sale with less competition and good demand for homes.
Buyers need to be well prepared to compete with potentially other buyers trying to purchase a particular home.
Have questions? Want to find out how to best accomplish your goals contact me today.