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Tis' the Season (For Increased Loan Limits)
Tis' the Season (For Increased Loan Limits)
     Each year toward the end of the year, new year loan limits are announced for conventional and government loans.  While VA loans have had their caps removed (a huge benefit for VA borrowers!), FHA and conventional loans are capped each year based on what median home values are doing around the country.  Each county has it's own loan limit based on median home value, and limits can vary substantially between conventional and FHA loan limits.
     Last year, new limits were announced on 11/27, so if history is an indicator, we should receive word on updates for 2020 loan limits VERY soon.  So why write this blog if the news is around the corner?
     For the real estate community and home buyers just beginning their home search, loan limit increases can be of tremendous value if you're looking to get the best rate and pricing on a home loan when buying in a price range that puts you near the loan limit.
     For example, with loan limits at $484,350, someone buying a home with conventional financing can put as little as 5% down.  That means a home purchase price of $509K ... more

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