As of January 1st, 2019, the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) have rolled out new limits on the loans they back.
Previously, the FHA’s loan limit was just under $295k, at $294,515. This will increase to just under $315k, right at $324,827 – that’s almost a 7% hike increase! This will be the new “low” as for other counties across the US that are in a higher price tag area (think counties in California or New York, NOT Brown County, WI), the loan limit can reach $726,525.
The new VA loan limit will be $484,350 and it was previously $453,100. This loan limit will be applied to all counties in the US but for 199 higher-cost counties. Again, NOT Brown County, WI.
This is good news for home buyers and for home sellers with a higher priced home in question.
For more details on these types of loans, contact your mortgage lender or banker. If you need any referrals, contact me! I’d be happy to give you a few great lenders to choose from!