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.

 


 

first-time-homebuyers

FIRST TIME HOMEBUYERS


 

McDevitt Real Estate Closing Attorney Services - Real Estate Law Massachusetts

Have a question about Real Estate Law or need a closing attorney?  Fill out the form below or call us at 617-282-7550.

We are conveniently located in Hingham and Milton, Massachusetts.

  Contact a McDevitt Law Group Real Estate Attorney today!

 

 

Commercial Real Estate Lawyer Commercial Real Estate Broker

McDevitt Law Group has been helping individuals and small business throughout the Greater Boston area purchase, sell, and finance real estate For nearly 40 years.

Our clients include developers and investors who have trusted us to provide the highest quality legal service and insight for their transactions. We know the ins and outs of commercial real estate and what it takes to make the deal work for you.


TAGS: commercial real estate, commercial real estate lawyer, commercial real estate broker, Massachusetts

We are conveniently located in Hingham and Milton, Massachusetts.

  Contact a McDevitt Law Group Commercial Real Estate Attorney today!

 

Tags used in this real estate lawyer news blog post:
#Closing #Attorney #Boston #ClosingAttorney #ma #RealEstate #HomeBuying #Attorney #Lawyer #Law

Article From: "Timothy Inklebarger"   Read full article

lawyers for real estate, Boston Massachusetts, arrow icon

McDevitt Law Group

Massachusetts Real Estate Attorneys
•   •   •
EXPERIENCE       EXCELLENCE

McDevitt Law Group strives to provide the highest quality real estate law and estate planning services, and we have for almost 40 years. As a small law firm, we pride ourselves on providing personal attention to your case and providing the highest quality representation. Call us today, or use the contact form below.


Barnstable County | Bristol County | Duke County | Essex County | Middlesex County | Nantucket County | Norfolk County | Plymouth County | Suffolk County


Just click on the Phone Number to dial on your phone:

617-282-7550

617-282-7550

lawyers for real estate, Boston

Pin It on Pinterest