#HomeLoan limit boost of 7.4 Percdent good for #Boston #buyers #HomeBuyers #RealEstate

Loan limit boost of 7.4% good for Boston buyers

Homebuyers have something to be thankful for this week with news that maximum conforming loan limits for Fannie Mae and Freddie Mac mortgages will be increasing to $548,250 in 2021.
That’s up from $510,400 in 2020, the Federal Housing Finance Agency (FHFA) noted in a press release.

This means homebuyers will be able to borrow up to the new level without triggering higher interest rates.

The loan limit adjustment comes via the Housing and Economic Recovery Act, which mandates that the loan limit be updated annually to reflect changes in the average U.S. home price.
The loan limit adjustment is based on the third quarter 2020 FHFA House Price Index report, which recorded an average annual increase of 7.42% in prices.

That loan limit applies to most counties across the country, but in high-cost areas — where 115% of the local median home value exceeds the baseline conforming loan limit — the baseline is set at $822,375, or 150% of the $510,400, according to FHFA.

FHFA has created a list detailing the loan limits for every county and county-equivalent area in the U.S., as well as an interactive map.
The post Loan limit boost of 7.4% good for Boston buyers appeared first on Boston Agent Magazine.

Selecting the Right Homebuyer's agent

Unlike most other real estate agents, a MABA home buyer's broker never represents both a buyer and seller in the same transaction so you never have to worry whether a MABA agent is really looking out for your best financial interests. A MABA buyer's agent acts as your advocate, real estate educator, advisor and negotiator, always loyal to you and dedicated to helping you find and buy the best home with the best terms at the price and showing you which homes to avoid along the way.

Fewer than one percent of the agents and brokers in Massachusetts meet our high standards. 

Whether you are ready to buy now or just beginning your home buying journey, click here to choose a Great Buyer's Agent to answer all of your home buying questions!