There have been many changes in the world of mortgage loans for 2020. These changes have a big impact on borrowers, especially those located in New Mexico.

Recently, all mortgage programs increased their max loan limits for Conventional, FHA, and VA mortgage loans. This means borrowers can now finance higher loan amounts without having to pay higher interest rates for a jumbo loan. Conventional loans also increased their loan limit to $510,400 from $484,150. FHA increased their max loan amounts to $331,760 from $294,515.

The biggest changes for 2020 are specifically for VA loans. VA no longer has a loan limit, which means a Veteran can purchase a home no matter the loan amount and pay zero down as long as their eligibility is fully restored. This is a great benefit for VA borrowers in the higher end of the market, as there are no down payment requirements. One thing to note is any VA loan above $510,400 will be subject to VA high balance pricing.

For more information regarding loan changes for 2020, or to get started on your home loan process, reach out to the experts at Indigo Mortgage New Mexico. We strive to find you the best loan rate!