Convention Loan Limits Have Increased
In November 2020, the Federal Housing Finance Agency (FHFA) announced that the 2021 maximum conforming loan limit (CLL) for one-unit properties would increase to $548,250. That was an increase from $510,400 in 2020.
Recently, in anticipation of another increase this November, several lenders have announced an increase to their conforming loan limits
Several nonbanks have recently announced that they are raising their conforming single-family loan limits to $625,000 to help borrowers keep pace with rising home prices. The announcements are ahead of the Federal Housing Finance Agency, which typically announces conforming loan limits for the new year for Fannie Mae and Freddie Mac in November or early December.
Realtor Magazine, 10/13/21
Prosperity Mortgage matches the increase in loan limits
As per our local Prosperity Home Mortgage Consultant, Eric Nowik:
“We are excited to announce that effective today, conventional loan limits have increased to $625,000*! This is a huge 12% increase that could help your buyers get into their dream home, even as home
values rise.”
*For all locks/floats as of October 11, 2021
Contact Me for More Loan Information
If you are looking to qualify for a new loan, reach out and let’s discuss your options. It’s not to late to refinance either. I highly recommend Prosperity Home Mortgage, but I also have plenty other contacts to meet your needs.
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