Loan Limits as of 1/1/2020:

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Great News – FHA’s new, Higher loan limits are effective with case numbers (basically contracts) pulled on or after 1-1-2020. And the Conforming limits are effective now!

Remember FHA will go to a 56% DTI, and there’s no MI increase for a lower credit score!!  FHA will go down to a 580 score, although if your buyer has a 620 score, they’re eligible for down payment assistance in conjunction with their loan.

FHA allows for a non-occupant co-borrower to qualify for the entire payment, and also to provide the entire down payment and closing costs in the form of either a gift or a secured or unsecured loan.

Sellers can provide up to 6% toward closing costs too.

ANNNNND, we can close an FHA loan in 2 weeks!!

Take a look at these great loan limits and let’s go!!

Conforming Loan Limits As Of 1 1 20 3
Fha Conforming Loan Limits As Of 1 1 20 2