Great news for homeowners and homebuyers!
The Federal Housing Administration (FHA) announced increased loan limits for 2021, reaching nearly all areas of the country. The new loan limit will be $356,362 for a one-unit property. In areas defined by FHA as ‘high-cost,’ county loan limits may be as high as $822,375 for a one-unit property. These new limits will only apply to FHA case numbers assigned as of 1/1/2021.
Mostly attributed to robust increases in median housing prices, these limit increases allow consumers to purchase and refinance homes at higher price points with access to the benefits of FHA loan options. These mortgage loans generally carry lower down payment requirements and more flexible credit qualifying standards than conventional financing.
If you are interested in hearing more about the timing of the change and benefits of FHA loan options, please contact one of our Licensed Mortgage Professionals today. Our teams can provide more information on HFG’s wide array of mortgage product offerings and determine what may best fit your needs.