ORLANDO, FL (11/25/2020) 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 FBC and our industry, but it also means we can put more borrowers in more homes and help customers reach their goal of homeownership in 2021.”
FBC Mortgage programs will align with the new conforming loan limit starting in 2021.
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FBC Mortgage, LLC is a leader in helping home buyers with fast and simple loans. We’re dedicated to exceptional customer service and are always available when you need us most, even at night and on the weekend. We’ll help you navigate your new home purchase, and keep you updated along the way with weekly check ins, so you know you’re taken care of. That’s one of the many reasons why 95% of our clients would recommend us to their friends and family. It’s also why the nation’s top home builders and Realtors trust FBC to help their new home buyers.
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 FBC Mortgage, LLC, 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. FBC Mortgage, LLC is a Top 20 National Mortgage lender headquartered in Orlando, Florida. Specializing in residential mortgage lending, including purchase, refinance, construction, and renovation loans. See what our clients have to say. NMLS#152859 EHL ©2020.