The Federal Housing Finance Agency (FHFA) announced on December 3, 2019 that the 2020 county loan limits for its single-family mortgage insurance programs would increase in most areas across the country.
Effective January 1, 2020, the new loan limits for a single family residence are:
- Conforming loan limit: $510,400 (up from $484,350)
- FHA loan limit: $331,760 (up from $314,827)
Network Mortgage is able to submit loans at the new limits immediately. Borrowers do NOT need to wait until January 1, 2020.
Multi-unit properties have higher loan limits. Of course people can borrow more, but it will not be a conforming loan. Different counties have different loan limits.
The loan limits will increase for nearly all counties (including Butte and surrounding areas) in 2020. However, because of changes made to the definition of certain Metropolitan Statistical Areas some jurisdictions will see a loan limit decrease from 2019 to 2020. The FHA has published separate pages listing those counties with loan limit increases and decreases, as well as a page allowing users to search for loan limits by county (see link below).