Dec 142019

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By G. Steven Bray

Just before Thanksgiving, we found out the 2020 conforming loan limit increased to $510,400. Late last week, FHA released its 2020 loan limits. By statute, the minimum FHA loan limit is 65% of the conforming limit, or $331,760 for a single-family home.

However, FHA allows higher limits in areas where 115% of the median home price exceeds the minimum. In TX, higher limits apply once again in the Austin, San Antonio, Dallas-Ft. Worth, and Midland metros. Higher limits no longer apply for the Houston metro and Gillespie Co (city of Fredericksburg).

The San Antonio metro took the prize for the greatest increase this year both in dollar amount and percentage rise. The limit rose more than $33,000, or 9.3%, to $393,300.

The Midland area limit also rose significantly, by $23,000 or 7.2%, to $341,550.

The limit in the Austin and DFW metros both rose to $404,800, the highest in the state. The Austin limit was 3.8% higher than last year. The DFW limit was only 2.3% higher.

Remember that these limits apply to all the counties in the metro, not just the cities themselves. Also, these limits apply to single-family homes. Higher limits apply for two- to four-unit properties.

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