FHFA Limits Up 7.4% in 2021

The Federal Housing Association announced that purchase limits for popular federally backed mortgages like FHA, VA,  Conventional Loans will increase by 7.4% (11/24/2020). In most of the US, this means the maximum conforming loan limit for single-family homes will increase from $510,400 in 2020 to $548,250 in 2021. In some high-cost areas the baseline loan limit will be as high as $822,375.

Its important to understand and consider how County Loan Limits may affect what loan and how much loan you may qualify for.  Feel free to contact us and we can help identify if your loan will be affected by the set county loan limits for all loans.

FHFA conforming loans are known for their lower down payments and interest rates. Combine these benefits with record-low market rates and many homebuyers will be able to afford a lot more home for their money.