FHA Standard Loan Limits for 2020
Due to increasing home prices in many areas, The Federal Housing Administration (FHA) has announced new Loan Limits for the year 2020. The FHA’s standard limit for much of the country increased to $331,760. In 2019 these FHA limits were set at $314,827 for a single family dwelling. The FHA limits differ depending on the number of units. Below is a chart that shows the new 2020 limits compared to the 2019 limits for one, two, three, and four unit properties. Keep in mind this chart is for most of the country. California has widely varying Fha Loan Limits. We will also cover that in this article as well and we’ll include the FHA Limits for each county in California.
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| NUMBER OF UNITS | LOW COST LOAN LIMITS | |
| 2020 | 2019 | |
| 1 | $331,760 | $314,827 |
| 2 | $424,800 | $403,125 |
| 3 | $513,450 | $487,250 |
| 4 | $638,100 | $605,525 |
This is fantastic news for many prospective homebuyers, especially first-time buyers who would like to buy a home with a smaller down payment or with a lower credit score.
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FHA Minimum Credit Score 2020
FHA Loans allow for credit scores as low as 500. However, not all lenders lend to buyers with credit scores that low. Some lenders require a 580 credit score while others require a 620 credit score. Naturally, there are several determining factors that dictate what Your Mortgage Price will be.
One attractive aspect of an FHA mortgage is that it allows for a smaller down payment. If your credit score is 580 or higher, you can put just 3.5% down. FHA also allows you to use down payment assistance and / or a seller concession to cover closing costs.
However, if your credit score is 579 or lower, you will need a 10% down payment.
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2020 California FHA Loan Limits
Some markets will actually see decreased FHA loan limits in 2020 due to a cooling off in the housing market. FHA lowered loan limits in 11 counties in Idaho, Minnesota, New York, North Carolina, Tennessee, Texas and Virginia.
This is definitely not the case in California. The housing market is still pretty robust. Thus, the 2020 California FHA loan limits have increased across the board for most counties. Below is a chart for the 2020 California FHA loan limits. According to HUD, these 2020 California FHA Loan Limits will be effective Wednesday, January 1st, 2020.
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2020 FHA Loan Limit Chart
| County | State | 1 Unit | 2 units | 3 units | 4 units |
| MARIN | CA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| SIERRA | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| NAPA | CA | $764,750 | $979,000 | $1,183,400 | $1,470,700 |
| SUTTER | CA | $345,000 | $441,650 | $533,850 | $663,450 |
| ALAMEDA | CA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| CONTRA COSTA | CA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| HUMBOLDT | CA | $345,000 | $441,650 | $533,850 | $663,450 |
| LAKE | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| MARIPOSA | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| SAN BENITO | CA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| SAN LUIS OBISPO | CA | $690,000 | $883,300 | $1,067,750 | $1,326,950 |
| SAN MATEO | CA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| SANTA BARBARA | CA | $653,200 | $836,200 | $1,010,800 | $1,256,150 |
| TULARE | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| GLENN | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| LASSEN | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| MENDOCINO | CA | $409,400 | $524,100 | $633,500 | $787,300 |
| ORANGE | CA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| PLUMAS | CA | $336,950 | $431,350 | $521,400 | $648,000 |
| RIVERSIDE | CA | $442,750 | $566,800 | $685,100 | $851,450 |
| SAN FRANCISCO | CA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| SAN JOAQUIN | CA | $448,500 | $574,150 | $694,000 | $862,500 |
| SHASTA | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| SISKIYOU | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| STANISLAUS | CA | $365,700 | $468,150 | $565,900 | $703,250 |
| TRINITY | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| AMADOR | CA | $355,350 | $454,900 | $549,850 | $683,350 |
| COLUSA | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| DEL NORTE | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| LOS ANGELES | CA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| MODOC | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| PLACER | CA | $569,250 | $728,750 | $880,900 | $1,094,700 |
| SAN BERNARDINO | CA | $442,750 | $566,800 | $685,100 | $851,450 |
| SOLANO | CA | $506,000 | $647,750 | $783,000 | $973,100 |
| TUOLUMNE | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| YUBA | CA | $345,000 | $441,650 | $533,850 | $663,450 |
| FRESNO | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| INYO | CA | $373,750 | $478,450 | $578,350 | $718,750 |
| KERN | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| MERCED | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| MONO | CA | $529,000 | $677,200 | $818,600 | $1,017,300 |
| SACRAMENTO | CA | $569,250 | $728,750 | $880,900 | $1,094,700 |
| SANTA CRUZ | CA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| YOLO | CA | $569,250 | $728,750 | $880,900 | $1,094,700 |
| BUTTE | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| MADERA | CA | $331,760 | $424,800 | $513,450 | $638,100 |
| VENTURA | CA | $713,000 | $912,750 | $1,103,350 | $1,371,150 |
| CALAVERAS | CA | $373,750 | $478,450 | $578,350 | $718,750 |
| NEVADA | CA | $486,450 | $622,750 | $752,750 | $935,500 |
| SAN DIEGO | CA | $701,500 | $898,050 | $1,085,550 | $1,349,050 |
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Do You Qualify for an FHA Loan
An FHA loan can be a fantastic means to purchase a home with little money down. The basic requirements are that you need to have a 2 year employment history, documentable income, a 500 or higher credit score, and either a 3.5% down payment (10% if you’re below 580 credit score). Naturally there is more to it, so please reach out to us if you’d like to find out if you qualify.
Contact us at (and don’t forget to provide your phone number): [email protected]
Here are some state specific reverse mortgage resources:
Reverse Mortgage Missouri
Reverse Mortgage Wisconsin
Reverse Mortgage Maine
California Reverse Mortgage Process
Reverse Mortgage Colorado
Top 75 Bank Blogs
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