The Federal Housing Finance Agency (FHFA) has RAISED the maximum conforming loan limit for single-family housing from the 2020 maximum of $510,400 to $548,250 for 2021. This is GREAT NEWS because a conforming loan ‘greater’ than $510,400 would be a Jumbo loan financing consideration with higher interest rates.
For example: You could put as little as 5% down ($27,412) on the purchase price of a $577,100 sales price home and finance $548,250.
Another example: You could put 20% down ($137,050) on the purchase price of a $685,300 sales price house and finance $548,250.
Essentially, you are able to purchase a
higher priced home at a lower interest rate!
This week’s Interest rates are still at an all-time low.
30 year fixed: 2.50% – APR 2.65%
15 year fixed: 2.25% – APR 2.53%
Plus! **ADAM MORTGAGE will waive the 1% origination fee,
so you will have more funds for the Closing Cost**
