New FHA Loan Limits Set to Rise Next Year
Home prices have been on the rise, both nationally and locally. To help consumers keep pace, the Federal Housing Administration (FHA) is set to increase its loan limit in 2020. This is important, as fewer home buyers will be required to qualify for “jumbo” loans, which can’t be purchased or securitized by the FHA. These jumbo loans typically require exceptional credit scores and a very low debt-to-income ratio.
Beginning in 2020, FHA loan limits for single family homes in St. Johns, Duval, Clay and Nassau will be $373,750.
That’s up from $358,800 in 2019.
If you’re considering buying a home next year, or would just like to get pre-qualified to see how much home you can afford, check out some of the lenders on our Service Providers for Home Buyers page. They’ll be happy to help you determine how much home you can afford, and what loan products make the most sense for you.