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!

Related image

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!

Previous article

Student Loan Guidelines...

Next article