Chapman Lending Team at HomeBridge Financial

The Federal Housing Finance Agency announced Tuesday that it is raising the conforming loan limits for Fannie Mae and Freddie Mac to more than $510,000.

In most of the U.S., the 2020 maximum conforming loan limit will be raised to $510,400, up from 2019’s level to $484,350.

The San Diego limit is increasing to $701,500 and Orange County limit to $765,600.  With VA limits likely to follow suit, this will increase the buying and refinance power of homebuyers in high-cost areas.

ADDITIONALLY, for VA home buyers with no current VA loan counted against their entitlement, the VA loan zero down payment cap is being eliminated on any closing after Jan 1st, 2020.  (See Below)

Bill Eliminating VA Loan cap signed into law

For a map showing the 2020 maximum loan limits across the U.S., click here.

And for a breakdown by county, click here.

Overall, this is great news for homebuyers in 2020.  As always, please contact our team directly for any questions/concerns regarding your home buying power.  Our goal is to empower the home buyer.

Regards, Dan Chapman Capt (Vet) USMC

About the author:  Dan Chapman is the branch manager at HomeBridge Financial Services in Carlsbad, CA.  He is ranked as the #1 VA loan officer at HomeBridge Financial (out of 700) and is ranked in the top 30 in the entire United States in VA loan origination year after year.  Dan is a Naval Academy graduate, served as a Captain (O-3) in the Marine Corps, and is an Operation Iraqi Freedom veteran.  He has been focused on helping active-duty military and veterans attain the dream of homeownership since 2007.  He is actively involved in several local veteran causes and performs VA loan seminars throughout greater San Diego on a monthly basis.  For a free consultation, please contact us anytime.

The Chapman Lending Team at HomeBridge Financial is honored to help many veterans utilize their VA home loan benefits each and every year.  We ARE NOT a call center.  Our goal is to provide the best customer service in the industry along with the most competitive rates and fees.

APPLY SECURELY HEREhttps://myles.homebridge.com/?apply&nmlsid=110065

Other VA Loan Topics:

Please enjoy the series of articles on VA Loan Myths, and email with any questions at all.

Now licensed in CA, AZ, NV, HI, WA, TX, GA, VA, FL, KS, KY, OH, IN, SC and N.C.

Semper Fi, Dan Chapman CAPT, USMC (vet)

ChapmanTeam@HomeBridge.com          Call (760) 456-713

Start an Online Application

 

Related Articles

Buying your first home is the biggest and arguably the most important purchase you will ever make. Preparing for that transition will require you to look at your finances in a different way. Keep in mind the following strategies to ensure your finances are in a great place when it’s…
Read More of the post How to Financially Prepare for Homebuying

The down payment is one of the most important elements of the homebuying process. Your down payment could affect your finances for years to come. In this article, we’re going to breakdown the short-and long-term impacts of your down payment and some options to move forward if your financial position…
Read More of the post How Does Your Down Payment Affect Homebuying?

After years of rising rent prices and an inability to make your home truly yours, you’ve had enough and are ready to officially break up with your landlord. You’re ready to become a homeowner. Before you begin, let’s dispel some of the pervasive myths that may be holding you back…
Read More of the post 3 Myths About Transitioning from Renter to Homeowner

For many, buying a home is a major transition in life. It’s one that comes with a long list of benefits like building long-term equity, the freedom to personalize your living space, and possible tax deductions. That said, making the transition from renter to owner isn’t something to be taken…
Read More of the post Is Buying a Home the Next Step for You? (to Buy or Not to Buy)