Based on new higher values of homes across America, conventional loans have been increased for 2021. This means that you can get a larger loan without going into the jumbo loan category.
Jumbo loans require a larger down payment and carry a higher interest rate, so this is great news for home buyers!
New limit is $548,250 for a regular one-unit home.
In areas where the median price of homes is higher than average — such as some counties in California, Western Washington, New York as well as other states — the new loan is higher.
The High Balance loan limit is $822,375.
Duplexes, tri-plexes, and four-unit properties also have higher limits.
For a chart showing loan limits in all U.S. counties, click here.
For a really cool map where you can scroll over all the counties in the U.S., click here.
HOW TO GET A HIGHER LOAN LIMIT NOW
If you want to take advantage of the higher loan limits now instead of waiting for 2021, mortgage brokers have access to this now.