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What are the new loan limits for 2020?
Realtors Michael & Anita Marchena talk with Tobie Love from the Tobie Love Team Powered by Cross County Mortgage about the new loan limits starting January 1st 2020. The loan limits for Riverside county will be increasing starting January 1st, 2020, so why is this good news for buyers and sellers? Home prices have been increasing, and due to the increase in pricing this often makes it hard for buyers to find the right home due to the loan limits not matching current home pricing, so with the increase in loan limits, this will open doors for first time home buyers as well as move up or move down buyers. The increase in loan limits for Riverside county is excellent news for sellers because, because with these increased loan limits, buyers will have more purchasing power allowing home prices to stabilize in some cases or increase in other cases. The new loan limits starting January 1st, 2020, for FHA will be $442,750 compared to last year’s $434,750. VA loan limits for 2020 will be removed, so there will be no loan limit compared to the previous year’s $484,350 loan limit. Conventional loan limits for 2020 will be $510,400 compared to last year’s loan limit of $484,350, so if you have been thinking about buying or selling real estate, 2020 looks to be a great year with these new loan limits for Riverside county. Feel free to contact us if you have any questions or would like to get the process started to homeownership. Michael & Anita Marchena are local Realtors located in Temecula, California 92592, but service all of Riverside County, including but not limited to Temecula, Murrieta, Menifee, Winchester, French Valley, Wildomar, Hemet, San Jacinto, Perris, Lake Elsinore, Corona, and all surrounding areas.
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