The Federal Housing Finance Agency (FHFA) announced on Wednesday that it would be increasing the conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac for the fifth consecutive year.

In most of the United States, the maximum conforming loan limit for one-unit properties in 2021 will be $548,250, an increase from $510,400 in 2020. For areas that generally feature higher-than-average home values, defined as places where median home values exceed 115% of the baseline, FHFA has set a higher maximum figure of $822,375 for 2021, up from 2020’s figure of $765,600.

“As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit (CLL)

Read More At:  Article Source