Delaware FHA Loan Limits 2020
Delaware FHA Loan Limits 2020 were increased effective January 1, 2020. All three counties of Delaware had the FHA loan limit increased in 2020. The Federal Housing Agency (FHA) raised the loan limits from the increased “floor” of $331,760 to the highest areas at $765,600. If you need to apply for a FHA Loan to purchase or refinance call John Thomas at 302-703-0727 or APPLY ONLINE.
On December 3, 2019, FHA issued Mortgagee Letter 19-19 effective for FHA case numbers assigned on or after January 1, 2020. The National mortgage low cost loan limit is set at 65% of the conforming loan limit which is $510,400. The National Low Cost Area FHA Loan limit is set as follows:
One Unit – $331,760
Two Unit – $424,800
Three Unit – $513,450
Four Unit – $638,1000
What are Delaware FHA Loan Limits 2020?
Delaware FHA Loan Limits 2020 are different in each county of Delaware which there are three: New Castle County Delaware, Kent County Delaware, & Sussex County Delaware. The chart below shows FHA Loan limits for each county for 1-4 unit properties.
Single Family FHA Loan Limits for 2020 in Delaware:
New Castle County Delaware Maximum FHA Loan Limit is $408,250
Kent County Delaware Maximum FHA Loan Limit is $331,760
Sussex County Delaware Maximum FHA Loan Limit is $345,000
What About FHA 203k Loans?
FHA 203k Loans still follow the maximum Loan Limits for FHA in the county that the home is being purchase or refinanced. The maximum FHA Loan is calculated by taking the purchase price plus the renovation loan and then taking 96.5% of that total. The loan amount of the combination must be under the county loan limit based on the number of units.
How Do You Apply for a FHA Loan?
If you are looking to get approved for a FHA Loan to purchase or refinance a home in Delaware, Maryland, New Jersey, Pennsylvania or Virginia then you can call John Thomas at 302-703-0727 or APPLY ONLINE.