Curious how new loan limits may affect your homebuying journey? Good news! Home loan limits have increased in the new year in several areas across the country. That means more homes may qualify for a greater variety of loans—potentially offering more ways to finance your dream home! While not all areas experienced increases, it’s definitely worth checking to see if your desired county got a boost.
Conventional Loans and FHA Loans
Conventional loan limits and FHA loan limits at many Richmond American communities saw increases ranging from $3,450 to $39,075, making more homes eligible for mortgages with down payments as low as 3% or 3.5%! A few counties saw even greater increases in loan limits for 2020. Check with a loan officer to see if a conventional loan or FHA loan makes sense for you.
VA Loans
2019 legislation changes may have eliminated the loan limit for many veterans. Talk to a loan officer to see if a VA loan is the appropriate financing option for your situation, and what you may be able to borrow.
Explore our Simplified Guide to Mortgage Options to learn about more home loan types. Or contact our affiliate, HomeAmerican Mortgage Corporation (HMC), to learn about current programs and how to qualify. Loan officers are available at 866.400.7126.
