Monthly Mortgage Report

“The New Phone Book’s Here, The New Phone Book’s Here!” (Loan limits for 2021 released)

That’s what it feels like for this mortgage professional. Like the scene from the 1979 comedy The Jerk, “the new phone books here, the new phone books here!” About this time in most years, the Federal Housing Finance Agency (FHFA) publishes the new conventional conforming loan limits for Fannie Mae and Freddie Mac for the following year. This year was no exception. $548,250 is the number for 2021 for single-family homes in the United States, up from $510,400. Not only was the national conforming limit raised, but they also raised the limit in “High-Cost” areas. So, what will the new loan limit mean to potential home buyers? In a nutshell, more buying power. Here is how it breaks down.

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