Today FHFA announced the new conforming loan limits for 2021. The conforming loan limit is going up from $510,400 to $548,250 for 2021. This reflects a seasonally adjusted 7.42 percent annual increase in home prices between the third quarter of 2019 and 2020.
Loan limits will be higher for loans in Alaska, Guam, Hawaii and the US Virgin Islands with a new 1-unit property loan limit of $822,375. High Balance loan limits will increase to $822,375 but may be less depending on the median average home price in each geographic market.
1-unit property limit for the below counties:
- El Dorado – $598,000
- Nevada – $548,250
- Placer – $598,000
- San Francisco – $822,375
- Washoe – – $548,250
This is great news for your clients who may need that extra bump to get into a home this next year. Please call me with any questions.
Click here to read the FHFA announcement.