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In response to rising home prices in many areas, the Federal Housing Administration (FHA) has announced new loan limits for 2020. This is good for news for many homebuyers, especially first-time buyers who would like to buy a home with a smaller down payment or with a lower credit score.
The FHA’s standard limit for most of the country increased to $331,760. This is an increase of almost $17,000 when compared to 2019’s $314,827 limit.
Homebuyers in high-cost areas, including Hawaii, have been assigned higher FHA loan limits of up to $765,600 for a one-unit property. The revised high-cost loan limit is based on the Housing and Economic Recovery Act of 2008 (HERA) requirement for the FHA to assign a loan limit to these areas equal to 150% of the national conforming limit.
To search for your county’s 2020 loan limit, click here.
The following table lists the 2020 FHA loan limits:
Apr 06, 2020
Apr 02, 2020
Mar 30, 2020