The week before last, the Federal Housing Finance Agency raised conforming loan limits for next year, then last week the FHA upped its 2020 limit on loans with down payments as low as 3.5% to $331,760 for most of the country.
Limits are based on an area’s median home price, so about 70 “high-cost” counties get limits of $765,500. With high building costs, Alaska, Hawaii, Guam, and the U.S. Virgin Islands get a $1,148,400 limit. Please contact us for details.
The latest National Association of Realtors forecast sees single-family housing starts in 2020 breaking 1 million for the first time since 2007, the year before the housing downturn, providing major relief to the supply shortage.