Conforming Loan Limit Increases to $548,250
Minneapolis, MN: Fannie Mae and Freddie Mac have just announced an increase in the conforming loan limit for 2021 to $548,250. Up from the current limit of $510,450.
Conforming loans mean your standard conventional loans that lenders do that are eventually securitized by Fannie Mae or Freddie Mac, and are the loans that give most home owners the best interest rates, and are the biggest percentage of home loans done.Loans over the loan limit are known as jumbo mortgages, and carry different interest rates and underwriting guidelines.What About VA Loans, FHA loans, and USDA Loans?
FHA loans use a different factor to determine loan limits, and also can be different county to county. FHA loan limit changes are expected to come out shortly. VA loans are also calculated differently, and it is all about how much VA loan entitlement you have available as a Vet.Read the full official announcement here.
You can also check current loan limits for multi-family homes, and FHA loans on our loan limit lookup page.
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