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Conventional Home Loan Limits – Increased For 2020

Conventional home loan limits are once again increasing for Fannie Mae and Freddie Mac backed conventional mortgages. The new loan limits are $510,400, up from the current limit of $484,350.
           
            This is great news for many buyers, as it provides additional purchasing power for potential homebuyers.
 
-With a 5% down payment, a homebuyer can now purchase a home up to a $537,000 sales price, with a conventional loan.
           
-With a 10% down payment, a homebuyer can now purchase a home up to a $567,000 sales price, with a conventional loan.
 
-With a 20% down payment, a homebuyer can now purchase a home up to a $638,000 sales price, with a conventional loan.
 
            This is the fourth year in a row that conventional loan limits have increased and continues to show the strengthening and stability of the housing market.
 
            The Conventional loan is still the most widely used home loan program in the entire U.S. mortgage market and provides stability and unique qualifying features that other home loan programs do not.
           
            This move will continue to allow for more home buyers to use conventional loans, for a new home purchase, without having to look into alternative programs, such as Jumbo or ... more

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