The 2021 Loan Limits have risen for a second straight year to a record-setting $822,375 in HIGH-COST areas of California!

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.

Click Here to search 2021 California Loan Limits in your area.

Mountain West Financial is now accepting new applications with the new higher loan limits based upon FHFA’s recent announcement.

 

2021 HIGH-COST-AREA Purchase Options in California with Minimum Down Payment:

Max Purchase Price % Down Payment $ Down Payment HC Max Loan
$865,000.00 5.00% $43,250.00 $822,375.00
$913,000.00 10.00% $91,300.00 $822,375.00
$967,000.00 15.00% $145,050.00 $822,375.00
$1,025,000.00 20.00% $205,000.00 $822,375.00

 

For non-high-cost California counties, conforming loan limits will increase to $548,250, up from $510,400 in 2020.

Other counties fall somewhere in between these “floor” and “ceiling” amounts.

 

2021 Conforming Purchase Options with Minimum Down Payment:

Max Purchase Price % Down Payment $ Down Payment HC Max Loan
$565,000.00 3.00% $16,950.00 $548,250.00
$577,000.00 5.00% $28,850.00 $548,250.00
$609,000.00 10.00% $60,900.00 $548,250.00
$645,000.00 15.00% $96,750.00 $548,250.00
$687,000.00 20.00% $137,400.00 $548,250.00

 

“About Mountain West Financial and the CalPATH Home Loan Program

Mountain West Financial is the exclusive lender offering CalPATH, the #1 home loan program for Teachers, Police Officers, Firefighters, and other public employees who serve our local California communities.

You may contact our CalPATH Hotline @ 800-310-7577, seven days a week from (8:30 am to 8:00 pm). A CalPATH advisor will be standing by to answer (any & all) questions you may have about the home buying or refinance process.

We look forward to working with you soon!

Sincerely,

Joe MooreBranch Manager

Links to sources used

  1. High Balance loan limits soar to record $822,375 in 2021 –  https://www.ocregister.com/2020/11/25/high-balance-loan-limits-to-soar-to-record-822375-for-2021/
  2. Freddie Mac –  https://sf.freddiemac.com/articles/news/loan-limits-are-increasing-by-742-in-2021