The Federal Housing Finance Agency has announced an increase in the conforming loan limits for Fannie Mae and Freddie Mac in 2021. In most of the U.S., the maximum conforming loan limit will rise to $548,250 — a substantial increase from the 2020 level of $510,400.
Next year marks the fifth consecutive year that the FHFA has raised the conforming loan limit after a lull in increases from 2006 to 2016. Since beginning the increases in 2017, the FHFA has expanded the conforming loan limit by more than $130,000.
The conforming loan limits for Fannie Mae and Freddie Mac are set by the Housing and Economic Recovery Act of 2008. For more information on this latest increase, click here.Tags: Mortgage News