The Federal Housing Financing Agency has increased the maximum base conforming loan limit and high-cost area loan limits. In most of the U.S., the 2021 maximum standard conforming loan limit for one-unit properties will be $548,250. This is the fifth year in a row the Federal Housing Financing Agency has increased conforming loan limits.
Buyers looking to purchase a home in 2021 can now borrow up to nearly $550,000 from a lender, granting more borrowers access to conventional loans. In some cases, this also permits lower rates.
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Homeowners whose loans were once categorized as “jumbo,” or above the conforming loan limit, can now refinance to a lower rate conforming loan and possibly eliminate mortgage insurance.
“The new conforming loan limit increase means the housing market is healthy. This should instill confidence in potential buyers that now is a great time to buy a home,” says FBC Mortgage co-CEO Joe Nunziata. “The change is not only great for our industry, but it also means we can put more borrowers in more homes and help customers reach their goal of homeownership in 2021.”
Trailblazer Mortgage programs will align with the new conforming loan limit starting in 2021.
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At Trailblazer Mortgage we work directly with our partners for fast, reliable mortgage services. We offer a wide array of competitive mortgage products with experience in every area of residential mortgage lending. As your dedicated mortgage lender, we aim to streamline communication with your home purchase team to ensure a smooth construction and financing experience.
Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At Trailblazer Mortgage, we’re dedicated to helping home buyers finance their dream home. All information presented is for educational purposes only and not intended as financial advice.