Mortgage Loan Limits for FHA, Conventional and VA Loans Increase for 2021
“Quick update…, we got word that FHA loan limits increased for 2021! Great news for all of… clients with champagne taste and beer budgets! They can now use FHA financing, with a minimum of 3.5% down, to purchase a home for $381,347! (Maricopa and Pinal Counties Arizona Max Mortgage Limit $368,000) Whoo hoo!!!
A couple important things to know about FHA financing:
- We can lend with a minimum fico score of 580
- Allows for a maximum debt to income ratio of 56%
- Loan limits increase for multi family properties!!! (*updated loan limits below)
- Has a 90 day flip rule policy, meaning that if a home is recently acquired it cannot be under contract until the 91st day.
- You can now get condos approved using the single unit loan waiver. (Please see link for more details)”
To Search your area for FHA Mortgage Limits
|Conventional Mortgage Loan Limits Increase for 2021
“I’ve got great news to share about the conforming loan limit changes for 2021! Fannie Mae just announced that they will lend up to $548,250.00 in 2021. This is up from the $510,400 limit we currently have! (VA Loan limits are the same)
This means that now more of your friends and family can qualify for the home they really want without having to mess with Jumbo financing!!!
Benefits you should know about Conventional vs. Jumbo:
Also fun fact for you Multi Family LOVERS: Did you know that the loan limits increase on conventional loans depending on the number of units? YES you read that correctly 😊
Two Unit properties will now allow for $702,000 loan amounts.
Three Units- $848,500
Four Units- $1,054,500
This is great news to share with your investor clients who are looking for something a little more stable than the stock market!
I hope this news made your day as happy as it made mine!
Happy Holidays Friends!”
Information Provided Courtesy of Lizy Hoeffer
Lizy Hoeffer Team at Cross Country Mortgage