With rising house values across the United States, the Federal Housing Financing Agency recently announced plans to increase the conforming loan limits in 2021 for single unit home mortgages which are acquired by Fannie Mae & Freddie Mac.
The raise from $510,400 to $548,250 applies to most of country.
The loan limit is adjusted every year based on the average home prices.
For people who want to have income and occupy a property, consider a multi-family home and occupy one of the units. There are increases here as well and the new conforming loan limits for duplexes, tri-plexes and four-plexes are as follows.
- $702,000 for 2-unit properties
- $848,500 for 3-unit properties
- $1,054,500 for 4-unit properties
Categorised in: Buying A Home