Reported today by Kelsey Ramirez from HousingWire.com, The Federal Housing Finance Agency announced new conforming loan limits for Fannie Mae and Freddie Mac for 2021 to be $548,250 for standard 1 unit single family dwellings. That represents a 7.5% increase from 2020’s limit of $510,400 and marks the fifth consecutive year of increases from the FHFA.
This change will enable more homeowners to purchase larger homes and qualify for certain purchase and refinance loan products that otherwise couldn’t under the existing lower loan limits. All eyes will be watching FHA and other governing authorities if they will follow suit and adjust their limits accordingly or not as we move into the new year.
To read the whole HousingWire.com article please go HERE.