Published by National Association of Realtors, Nov 24, 2020.
WASHINGTON (November 24, 2020) – National Association of Realtors® President Charlie Oppler issued the following statement after the Federal Housing Finance Agency today unveiled 2021 loan limits for Fannie Mae and Freddie Mac. GSE loan limits now sit at $548,250, while an announcement from the Federal Housing Administration is expected in the coming weeks. NAR’s latest Existing Home Sales report showed median U.S. home prices increased month-over-month for the 104th straight time in October and were up 15.5% from the same point in 2019.
“With home prices setting records in many U.S. markets, the National Association of Realtors® is pleased to see the FHFA raise its national conforming loan limits for 2021,” said Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty.
“With an assurance that loan limits will align with home price growth, this decision will help ensure homeownership remains within reach for countless American families.
As we await final 2021 figures from the FHA, NAR urges federal policymakers to continue prioritizing market stability and access to safe, affordable financing for all U.S. consumers.”
The FHFA’s limits define the maximum one unit single-family mortgage amounts that Fannie Mae and Freddie Mac may finance and are also used to define the loan limits for the FHA’s program.
The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
Read original article here.
