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2021 FHFA and FHA Loan Limit Changes

Upward arrow and 2021 representing the increase in FHA and FHFA loan limitsBoth the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) will have increased maximum loan limits for 2021.

2021 FHFA Loan Limits

On the conforming side (FHFA), in 2016 the loan limit for one-unit properties was $417,000. In 2017 this increased to $424,100, in 2018 the limit increased to $453,100, and in 2019 the limit increased to $484,350. The conforming loan limit was increased to $510,400 in 2020.

In 2021, the one-unit conforming loan limit has been increased to $548,250. This increase will take place throughout most of the United States.

You can learn more about the FHFA conforming loan limits, and find information about the VA loan limits, here.

2021 FHA Loan Limits

As of January 1, 2021, the FHA will increase it’s floor for one unit properties to $356,362 – up significantly from its limit of $331,760 in 2020. For other types of properties, the 2021 FHA loan limits are as follows:

  • Two-unit: $456,275 (up from $424,800 in 2020)
  • Three-unit: $551,500 (up from $513,450 in 2020)
  • Four-unit: $685,400 (up from $638,100 in 2020)

Keep in mind, however, that this increase is county-specific with FHA. The limits mentioned above are for low-cost areas. The limits for high cost areas of the country will increase in 2021 as well, to the following limits:

  • One-unit: $822,375 (up from $765,600 in 2020)
  • Two-unit: $1,053,000 (up from $980,325 in 2020)
  • Three-unit: $1,272,750 (up from $1,184,925 in 2020)
  • Four-unit: $1,581,750 (up from $1,472,550 in 2020)

Below are some of the county changes for Single Family Residential Units:

Albany, Schenectady, Troy

FHA 2021 Limit: $356,362

FHA 2020 Limit: $331,760

FHA 2019 Limit: $315,100

FHA 2018 Limit: $303,600

FHA 2017 Limit: $292,100

Saratoga County

FHA 2021 Limit: $356,362

FHA 2020 Limit: $331,760

FHA 2019 Limit: $315,100

FHA 2018 Limit: $303,600

FHA 2017 Limit: $292,100

Fulton/Montgomery County

FHA 2021 Limit: $356,362

FHA 2020 Limit: $331,760

FHA 2019 Limit: $314,827

FHA 2018 Limit: $294,515

FHA 2017 Limit: $275,665

Warren/Washington County

FHA 2021 Limit: $356,362

FHA 2020 Limit: $331,760

FHA 2019 Limit: $314,827

FHA 2018 Limit: $294,515

FHA 2017 Limit: $275,665

Rockland County

FHA 2021 Limit: $822,375

FHA 2020 Limit: $765,600

FHA 2019 Limit: $726,525

FHA 2018 Limit: $679,650

FHA 2017 Limit: $636,150

The figures above are the maximum loan values for each county. This is not the maximum sales price. For example, if the sales price is over $356,362 (for 2021), as long as the loan amount is less than the maximum, you are within guidelines. Sales price is not to be confused for maximum loan limits. The upfront mortgage insurance that gets rolled into the FHA loan also does not count towards the maximum value.

You can view the full FHA mortgage limits list for all counties in New York and throughout the US here.

Hoping to Buy a Home in 2021? Find Out What These Changes Mean For You

The FHFA and FHA loan limits represent the maximum loan amount you can obtain via the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA). As these limits change, the amount you may be able to borrow if you choose one of these loan types changes as well.

Wondering how these FHFA and FHA loan limit changes will impact you as a home buyer in New York State during 2021? Give us a call today at 518-782-1202 to find out what kind of impact these adjustments will have based on your specific situation.

Interested in learning more about FHA mortgage options in New York? You can find more details about FHA loans here. Feel free to contact us to discuss if an FHA loan might be the best loan type for you.

Curious about which mortgage options might be right for you? Reach out to us at 518-782-1202 or via our online contact form to get the conversation started. We’d be happy to help you find the home loan that suits you best.

Note: This content has been updated as of December 7, 2020.

Posted in Guide to FHA Home Loans on Monday, December 7, 2020 by Maple Tree Funding