What Is the Maximum Amount for a Conventional Mortgage

Loan size: For a conforming conventional loan, your loan must fall within the loan limits set by Fannie Mae and Freddie Mac. The loan limit changes annually. In 2020, the limit was $510,400. In 2021, it’s $548,250.

What are the conventional loan limits for 2021?

The baseline conforming loan limit for 2021 is $548,250 – up from $510,400 in 2020. The limit is higher in areas where the median house cost exceeds this number, so borrowers in high-cost areas can get conforming loans of up to $822,375, depending on the limit in their individual county.

Will conventional loan limits increase in 2021?

Last week, the Federal Housing Finance Agency (FHFA) announced its conforming loan limits for 2022. The new maximum borrowing amount for conventional loans for most of the country will be set to $647,200—a record-breaking 18% increase from the 2021 loan limit.