According to today’s Federal Housing Finance Agency (FHFA) press release, maximum conforming mortgage loan limits will increase from the current limit of $510,400 to $548,250 in 2021.
Baseline loan limits are adjusted annually to coincide with fluctuations in average home values. The 2021 loan limit change mirrors a 7.4% increase in the average price of a home. Conforming loan limits in high-cost areas like Los Angeles county, New York City and Hawaii are further adjusted to accommodate higher median home values.
Additional information on conforming loan limits can be found at FHFA.gov or contact a Boles Group loan officer to learn more.