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2021 New Conforming Loan Limits
For the fifth consecutive year, loan limits have been increased for conforming loans. This is great news for homebuyers looking to take advantage of low down payment options, no appraisals and cost saving mortgage programs.
What is happening?
The Federal Housing Finance Agency (FHFA) today announced an increase of maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2021. The maximum amount for a conforming loan is now $548,250 for a single-family unit (previously $510,400).
Is this applied to every housing market the same?
No. Changes vary by market, especially in high cost areas. The New conforming loan limit for one-unit properties in most high cost areas will be $822,375 (formerly $765,600).
Why is this important?
More borrowers will be able to take advantage of lower costs and flexible financing. Previously, borrowers looking to finance a $800,000 home may have missed these benefits.
Is there a map to determine the increase in each area?
Yes, for a map of the US with loan limit information by county is available,
We are ready now at Premia Relocation Mortgage to starting taking applications with these loan limits! Call us today to start your application.
- Dec 01, 2020
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