{"id":2991,"date":"2018-12-27T13:17:06","date_gmt":"2018-12-27T18:17:06","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=2991"},"modified":"2020-04-28T16:16:02","modified_gmt":"2020-04-28T21:16:02","slug":"2020-fha-loan-limits","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/2020-fha-loan-limits\/","title":{"rendered":"2020 FHA Loan Limits"},"content":{"rendered":"\n
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FHA Loan Limits for 2020<\/p>\n<\/div><\/div>\n\n\n\n

FHA Loan Limits Increased for 2020<\/h2>\n\n\n\n

On December 3, 2019, FHA issued\u00a0Mortgagee Letter 19-19<\/a><\/strong> to increase the FHA Loan Limits for new case numbers assigned on or after January 1, 2020. The FHA loan limits<\/a> have increased from 2019 FHA loan limits of $314,827 to the new floor of $331,760 for 1 UNIT properties.<\/p>\n\n\n\n

Related<\/strong>: See our FHA Mortgage Payment Calculator<\/a><\/p>\n\n\n\n

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. <\/p>\n\n\n\n

2020 Loan Limits Now Available: <\/strong> 2020 Conforming Loan Limits<\/a><\/p>\n\n\n\n

2020 FHA Loan and Conventional Loan Limits<\/h3>\n\n\n\n
MICHIGAN LOAN LIMITS<\/strong><\/td>FHA<\/strong><\/td>CONVENTIONAL<\/strong><\/td><\/tr>
1 UNIT<\/strong><\/td>$331,760<\/td>$510,400<\/td><\/tr>
2 UNIT<\/strong><\/td>$424,800<\/td>$653,550<\/td><\/tr>
3 UNIT<\/strong><\/td>$513,450<\/td>$789,950<\/td><\/tr>
4 UNIT<\/strong><\/td>$638,100<\/td>$981,700<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Michigan FHA Loan Limits<\/h2>\n\n\n\n

Michigan does not have any high cost areas therefore the limits for FHA Loans and Conventional Loans<\/a> are the floor limits. FHA Loan limit in Michigan is $331,760. Conventional Loan Limits in Michigan is $$510,400.<\/p>\n\n\n\n

Michigan VA Loan Limits<\/h3>\n\n\n\n

VA loans in Michigan<\/a> 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.<\/p>\n\n\n\n

Michigan USDA Loan Limits<\/h3>\n\n\n\n

USDA Loans in Michigan<\/a> 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.<\/p>\n\n\n\n

For More Information on FHA Loan Limits<\/h4>\n\n\n\n

Give us a call today at 800-555-2098 or request information below!<\/p>\n\n\n\n

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