FHA Loan Limits for 2020
FHA Loan Limits Increased for 2020
On December 3, 2019, FHA issued Mortgagee Letter 19-19 to increase the FHA Loan Limits for new case numbers assigned on or after January 1, 2020. The FHA loan limits have increased from 2019 FHA loan limits of $314,827 to the new floor of $331,760 for 1 UNIT properties.
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FHA’s nationwide forward mortgage limit “floor” and “ceiling” for a one-unit property in Calendar Year 2020 are $331,760 and $765,600, respectively. The loan limits in Michigan are based on the number of units of the residence.
2020 Loan Limits Now Available: 2020 Conforming Loan Limits
2020 FHA Loan and Conventional Loan Limits
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Michigan FHA Loan Limits
Michigan does not have any high cost areas therefore the limits for FHA Loans and Conventional Loans are the floor limits. FHA Loan limit in Michigan is $331,760. Conventional Loan Limits in Michigan is $$510,400.
Michigan VA Loan Limits
VA loans in Michigan use the Conventional Loan limits of $510,400 set for 2020. All VA loans use the same conventional loan limits which are higher than FHA loan limits.
Michigan USDA Loan Limits
USDA Loans in Michigan are set at the Conventional Loan limits of $510,400 for 2020 as well. All USDA Loans use the same conventional loan limits which are higher than FHA loan limits and allow for more purchasing power.
For More Information on FHA Loan Limits
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For Calendar Year 2020, the HECM maximum nationwide claim amount will be $765,600 for all areas. Refer to Mortgagee Letter 19-20 for more details.