Buy More House with FHA Higher Loan Limits

Dated: 12/11/2019

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Here's some great news for buyers in the Bay Area. FHA has increased loan limits for 2020 giving you more opportunities in your home search. 

The biggest benefits of FHA loans, especially for first time buyers, is the down payment of 3.5% and accepting lower credit scores down to 580.  

Affordability

Affordability for homes is talked about all the time in the media, and yes it is a concern. What I have discovered, many buyers have the income and sometimes even high credit scores, yet the biggest road block is the down payment. Rents are not getting any cheaper and if you are in a position to buy perhaps with the higher FHA loan limits, 2020 may be the year. 

Contra Costa & Alameda Loan Limits (Bay Area)

Non-conforming or high balance loans have increased to $765,600 which equates to a home purchase price of $792,000. There are several areas in the East Bay with homes in this price range.

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Linda Urbick

I believe that owning a home is what most folks want. Your first home may not be your dream home, it is a start. And it's not just an investment. To some it is security, to others it's pride of owners....

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