As home prices rise, the Federal Housing Finance Agency
announced that it would once again raise loan limits for mortgages backed by
Fannie Mae and Freddie Mac.
The Federal Housing Finance Agency, which oversees Fannie Mae
and Freddie Mac, said the increase was based on its House Price Index for the
third quarter. Since Spring, the housing market has been on fire — inventories
are tight, buyer demand is strong and mortgage rates have fallen to record
Nationwide the 2020 conforming loan limits are going from
$510,400 to $548,250 for a single-family home in 2021. That’s an increase of
7.42% year over year.
San Diego and Orange County which are considered high-cost areas
have higher max
loan limits. In San Diego County, the max loan limited increased
from $701,500 to $753,250 for a single-family home. The Orange County max loan
limit increased from $765,600 to $822,375 for a single-family home.
SAN DIEGO COUNTY (High Balance Conforming Loan Limits)
1 unit $ 753,250
2 units $ 964,300
3 units $ 1,165,600
4 units $ 1,448,600
ORANGE AND LOS ANGELES COUNTIES (High Balance Conforming Loan