Timing of Conforming Loan Limit Increase

[William McMurray]

I saw the CLL went up for 2021 today to $548,250, curious if anyone familiar with the lending process knows when in the lending process that limit for a loan comes into play, i.e. If I apply for a loan next week (Dec 2020) but would close in 2021, would I be able to get the 2021 amount or stuck with the 2020 $510,400 limit?

House hacking in an expensive Austin market and conscious of the downpayment, this will come into play for me in my current search