Conforming Loan Limit Increases to $548,250

Conforming Loan Limit Increases to $548,250

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 our industry, but it also means we can put more borrowers in more homes and help customers reach their goal of homeownership in 2021.”

RMC Home Mortgage programs will align with the new conforming loan limit starting in 2021.

If owning a home is the next step for you, visit our Mortgage Resources to learn more, or contact us today. We’re here to help you get started.

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RMC Home Mortgage, LLC works directly with Maronda Homes for fast, reliable mortgage services. We offer a wide array of competitive mortgage products with experience in every area of residential mortgage lending. As a dedicated mortgage lender for Maronda Homes, we work directly with your home purchase team to streamline the lines of communication and 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 RMC Home 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.