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Home Purchase - Home Refinance
Serving MN WI IA ND SD
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.
Equal Housing Lender, Cambria Mortgage NMLS# 322798. The Joe Metzler team at Cambria Mortgage lends in: Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota only. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. Information here can become out of date, and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Not all programs available in all states. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 1998 - 2023, Joe Metzler, NMLS 274132. Cambria Mortgage NMLS 322798
