Loan Limit Increases
For the fifth year in a row the Federal Housing Finance Agency announced an increase to the baseline conforming loan limit for mortgages to be acquired by Fannie Mae and Freddie Mac. In most locations in the US the 2020 single family property limit of $510,400 has been increased to $548,250 - representing a 7.415% increase.
In higher cost areas of the country, the maximum conforming loan limit will be $822,375 — 150% of the baseline limit of $548,250. FHFA has created a helpful map that shows loan limits across the country.
QuickQual Impact
At LenderLogix, our team is on top of these loan limit updates and we've already updated QuickQual to account for these increases. Next time you login to create a new QuickQual or update an existing one with a Conventional mortgage you will see the new loan limits when selecting the number of units for your QuickQual.
While the Federal Housing Administration and Veterans Administration have not yet announced changes for 2021, if changes are announced, we will update the loan limits in QuickQual for FHA and VA loans shortly afterwards.