It is a new year. New opportunities, new resolutions, and new loan limits!
New, higher loan limits mean you can purchase more of a home with a traditional mortgage instead of having to use alternative or jumbo financing that can often cost more and are underwritten to more stringent standards. So this is exciting news for sure!
Here are the updates to the loan limits for 2019:
CONVENTIONAL and VA loan limits have been raised in all counties in our area.
Loan Type Single Family 2 units 3 unit
Conventional $484,350 $620,200 $749,650
VA $484,350 $620,200 $749,650
FHA loan limits vary by county. As always, if you are an FHA buyer looking in multiple counties for a new home, it is very important to make sure you do not exceed FHA’s max loan limit for that county. I have included a chart below for easy reference for the state of Delaware and some of Pennsylvania.
FHA LOAN LIMITS
DELAWARE Single Family 2 units 3 unit
New Castle County $402,500 $515,250 $622,850
Kent County $314,827 $403,125 $487,250
Sussex County $336,950 $431,350 $521,400
PENNSYLVANIA Single Family 2 units 3 unit
Chester County $402,500 $515,250 $622,850
Delaware County $402,500 $515,250 $622,850
Lancaster County $314,827 $403,125 $487,250
Montgomery County $402,500 $515,250 $622,850
If you are looking to purchase in another county or if you have any questions, please reach out anytime. Let my team help you get into that new home in 2019!