California’s 2021 conforming county loan limits for FHA, VA, Conventional and Jumbo loans California’s 2021 Conventional Conforming County Loan Limit For 2021, the FHFA (Federal Housing Finance Administration) set the baseline conforming loan limit for 1 unit properties at $548,250 for Conventional financing ( Fannie Mae & Freddie Mac ) and up to $822,375 on high cost counties California. The 2021 Loan Limits have risen for a second straight year to a record-setting $822,375 in HIGH-COST areas of California! “One-Unit” refers to a property with one structure (ie a Single Family Residence – SFR), “Two-Unit” is a Duplex, etc. FHA loans can only be used on primary homes; you can not purchase a rental property with a FHA loan. Home values have increased over the last few years and raising the loan limits allows more people to qualify for the best available mortgage rates. That rate is the baseline limit for areas of the country where homes are fairly affordable. JB Mortgage Capital, Inc. is a mortgage broker licensed by the state of California DRE #1836772 and NMLS #238036. We offer a wide variety of conforming loan programs. Save my name, email, and website in this browser for the next time I comment. 2021 HIGH-COST-AREA Purchase Options in California with Minimum Down Payment: For non-high-cost California counties, conforming loan limits will increase to $548,250, up from $510,400 in 2020. A Conforming loan is a Conventional Loan and a Conventional loan is any mortgage loan that is not backed by the U.S. Government. To qualify for an FHA loan in California, your home loan must be below the local FHA loan limits in your area. That’s an increase of $37,850 from the 2020 baseline limit of $510,400. Most counties within California have a 2020 conforming loan limit of $510,400, for a single-family home. He has over 15 years of experience as a Mortgage Loan Originator (MLO) and is a fully licensed with the state of California and the Nationwide Mortgage Licensing System (NMLS). Conforming loan limits in California are the maximum loan amount a lender can lend under current Conforming guidelines. At the end of 2020, federal housing officials increased the conforming loan limits for California; and in a November 24th, 2020 press release, the Federal Housing Finance Agency stated: “Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. The new “conforming” loan limits for California high-cost areas, including Los Angeles, Orange, Alameda, Contra Costa, Marin, Napa, San Benito, San Francisco, San Mateo, Santa Clara, and Santa Cruz counties, will rise to $822,375 starting Jan. 1, a 7.4% increase over 2020’s limit of $765,600, the Federal Housing Finance Agency announced Tuesday, Nov. 24. You’ll notice that most counties within California have a 2021 conforming loan limit of $548,250, for a single-family home. Any loan amounts above these county loan limits will be considered jumbo mortgages. Documents You Need To Buy A Home; Average Mortgage Payment; First Time Home Buyer In California; Top Ten Mistakes Made When Buying A Home; FHA Home Loan… We won’t go into everything; just the most important areas you should be aware of as of January 1, 2020: As mentioned above; a Conforming loan is a Conventional loan however not all Conventional loans are Conforming loans. 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