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What are the maximum loan amounts for 2020!

December 27th, 2019 by Sean Stephens

Tampa FL USDA and VA Approved Lender ListA Happy New Year to all and we have great news to report!

2020 maximum loan limits have been increased!  

I wanted to dedicate this week’s blog to keeping everyone current and highlight the maximum loan amounts that have been set for USDA, VA, FHA, and Conventional loans for 2020!

And remember, if you ever need assistance  or have any financing questions please use my team as a resource – that is what we are here for!

Whether it is for a new pre-qualification or to help with an existing transaction that may be experiencing financing difficulties, just call or email to discuss your scenario so we can go to work for you!

(800)806-9836 Ext. 280


What are the 2020 USDA, VA, FHA, and Conventional loan limits?

USDA Single Family Guaranteed Rural Home Loan Program

Do USDA Loans have a maximum loan size?

Wait a second, is this a trick question?  Well in case you did not know, it is true that USDA loans actually have NO loan limits! Since there is not a maximum set sales price for a USDA loan, this can be a powerful option that sometimes gets overlooked

Sebring FL USDA Approved Lender List

Because USDA loans do not have set loan limits, they can be a great option when compared to either conventional or FHA loans, which both require a minimum down payment.

While there is no maximum USDA loan size, the USDA maximum loan is amount is calculated on the applicant’s ability to qualify.

Thankfully, USDA income limits were also increased in 2019 which definitely helps when trying to qualify for those higher priced homes.

Department of Veterans Affairs

What is the VA maximum loan amount?

The Blue Water Navy Vietnam Veterans Act of 2019 (“the Act”) was signed into law on June 25, 2019 by the President and will apply to all loans closed on or after January 1, 2020.  

The Act amends 38 U.S.C. § 3703(a)(1) and expands maximum guaranty amounts for purchase, construction, and cash-out refinance loans greater than the Freddie Mac conforming loan limit in certain circumstances.

In the past, maximum guarantee limits mirrored the Freddie Mac conforming loan limit, but now the conforming loan limits are no longer a factor for those Veterans who posses their full entitlement.  However, the Act does not adjust the maximum amount of guaranty available to Veterans for those loans that are at or below $144,000.

As a quick reminder the basic entitlement for each eligible Veteran is $36,000 and as a VA approved lender, Metroplex Mortgage Services will walk a Veteran through the steps and help determine how much entitlement is available and what VA loan amount you can qualify for. Tampa FL VA Approved Lender

Moreover, if a Veteran has previously  lost a VA loan through bankruptcy, foreclosure, or a short sale they may still be eligible for another VA loan by determining any remaining “bonus entitlement“.  While this can be complicated, please call my team to discuss your scenario so we can try to help.

Click Here a short video that further explains VA Bonus Entitlement

Remember, minimum income and credit conditions will apply along with meeting sufficient equity requirements when applicable.

Conventional Loans (Fannie Mae and Freddie Mac Conforming)

What are the 2020 Fannie Mae and Freddie Mac conforming loan limits?

The 2020 Fannie Mae and Freddie Mac loan limits have been increased as recently announced by the Federal Housing Finance Agency (FHFA).

The previous 2019 general loan limit was $484,350 and that has seen a healthy increase up to $510,400 for a one unit property!What is the maximum USDA loan amount in Florida

While most of our clients and Realtors work in general loan limit counties, here is an overall chart which compares the loan limits for one, two, three, and four unit properties when financing a conventional mortgage in both types of counties

Also, you can click on the link for the related announcement from the Federal Housing Finance Agency (FHFA) announcement for more details.

FHA Loans (Federal Housing Administration)

What are FHA 2020 maximum mortgage amounts?

The FHA has published their 2020 maximum mortgage amounts for forward mortgages with Mortgagee Letter 2019-19 (remember this is the loan amount financed, not the sales price) for both low and high cost areas which become effective for case numbers assigned on or after January 1, 2020.Avon Park, Lake Placid, Sebring FL USDA Approved Lender

The maximum FHA loan amount for a one unit property located in a low cost county area has increased from $314,827 in 2019 to $331,760 in 2020!

Additionally, the respective loan amounts have also increased for 2,3, and 4 unit properties that are eligible for FHA financing.  Additional details can be found in the full FHA announcement here.

2019 county limits have been updated on FHA’s Mortgage Limits Search Engine. To determine the 2019 limit, select “CY2019” from the Limit Year drop down menu.


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