It’s official! All major agencies have announced loan limit increases in most counties for 2019. What does that mean for you?
Basically you are able to purchase or refinance a more expensive home with a higher loan amount using a traditional loan program; conventional, FHA or VA mortgage. In most counties in 2018, you were limited to a purchase price about $305,000 on FHA, $453,100 on VA, and $476,000 on conventional mortgages with the minimum down payment. Now you can buy even more home with the minimum down payment per program requirements (if you qualify).
Below are the updated 2019 limits for one-unit homes in most counties:
For FHA mortgages- $314,827 (up to $726,525 in high-cost areas)
- This means you could potentially buy a home for around $326,000 (or $752,000 in high-cost counties) with only 3.5% down!
For Conventional mortgages- $484,350 (up to $726,585 in high-cost areas)
- This means you could potentially buy a home for around $510,000 (or $765,000 in high-cost counties) with only 5% down!
For VA mortgages- $484,350 (up to $726,525 in high-cost areas)
- This means you could potentially buy a home for those amount with $0 down!
Limits for 2-4 unit homes have also increased. This is good news considering the recent increases in home prices and values.
As always, in 2019 and the future… make SURE you have a knowledgeable, trusted mortgage lender and broker on your side. It could mean the difference of thousands of dollars if they are not looking out for your best interest first or simply aren’t knowledgeable on what options are available to you! Feel free to reach out to Bank of England Mortgage Troy with any questions or additional guidance at (248) 633-8555 or email firstname.lastname@example.org. We wish you all a blessed and successful 2019!
Happy New Year and Best of luck!