New conforming loan limits increased for 2021.

The Federal Housing Finance Agency announced new conforming loan limits for Fannie Mae and Freddie Mac for 2021. The new limit for single-family residential properties is $548,250, which is up nearly 7.5% from 2020’s limit of $510,400 and marks the fifth consecutive year of increases.

All counties in Washington states have increased to the new limit. However, only King, Pierce, and Snohomish counties in Washington are considered “high-cost counties” and have a higher limit of $776,250.
High-cost areas have 115% of the local median home value that exceeds the baseline conforming loan limit.
Click here to see a map of the new conforming loan limits across the U.S.

In 2016, the FHFA increased the Fannie and Freddie conforming loan limits for the first time in 10 years, and since then, the baseline loan limit has gone up by $131,250.

What does this mean for homebuyers?

Loan limit increases are significant for homebuyers! The increase keeps homebuyers in step with a more expensive housing market like Seattle, by allowing them to borrow more to the limit of what is called a “Conforming Loan”. With conforming loans, buyers can purchase homes with lower down payments and more competitive rates.

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Visit www.inBestments.com, USA’s first residential real estate wealth platform that enables you to buy true wealth-building homes whether you are buying your first home to live in or 60th investment property for cash flow/equity growth.

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Vinod and Jo are on #MissionMillion - Enabling a million families to achieve financial freedom by building enduring wealth with smart real estate. They are co-founders of two prop-tech / fin-tech ventures: ✅www.BricksFolios.com is America's Real Estate Wealth Advisor. The traditional residential real estate process is cumbersome, time-consuming, and, frankly, broken, making it extremely difficult for you to build wealth with real estate. We have fixed this with our proprietary technology and unique end-to-end white-glove, hassle-free service that removes the guesswork from building enduring wealth and enables you to build the life you want. ✅www.InBestments.com is the USA's first residential real estate wealth platform that removes the guesswork from real estate and mortgage decisions whether you are buying your first home or 90th investment property. InBestments de-commoditizes Loan Officers and Real Estate Agents by elevating them to the role of trusted wealth advisors and enabling them to build life-long relationships and close multiple deals per client.