Williamsville, NY (December 1, 2020) – 1st Priority Mortgage, Inc., a Howard Hanna Company, is pleased to announce that we are increasing our single-unit conventional conforming loan limit to $548,250 beginning in January of 2021. In line with this announcement, we’re increasing our maximum base conforming loan limit for single-unit homes to $548,250 on January 1, 2021.
Conforming loan limits are set by the Federal Housing Finance Agency (FHFA) each year and establish the limit to which the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) can guarantee loans. For comparison purposes, the limit in 2020 was $510,400. The new limit for 2021 increased by 7.5% to $548,250 and marks the fifth consecutive year in which the loan limit has increased. From 2006 to 2016 the limit remained steady at $417,000. In 2017, the loan limit began a new pattern of steadily increasing each year from $424,100 in 2017 to $453,100 in 2018, to $484,350 in 2019, and to $510,400 in 2020.
The higher loan limit will offer 1st Priority Mortgage greater flexibility on conventional mortgages up to $548,250 and opens a wider spectrum of possibilities for an increased number of borrowers and their mortgage financing.
To learn more, contact a 1st Priority Mortgage Consultant today!
Howard Hanna Real Estate Services is not a mortgage lender. Contact 1st Priority Mortgage, Inc. for mortgage products and eligibility. 1st Priority Mortgage, Inc. is a Licensed Mortgage Banker, New York State Department of Financial Services, NMLS #29600. All lending products are subject to credit and property approval. Terms, conditions, and certain restrictions may apply on all programs. Interest rate and program terms are subject to change without notice. This is not a commitment to lend. Contact a 1st Priority Mortgage Consultant for full details. (888) 500-9733.