San Diego Conforming Loan Limits Update

[Mark Frattini]

Last week The Federal Housing Finance Agency (FHFA) released the new conforming loan limits which will be in place next year 2021. This is good news for borrowers. I overheard that you can even take advantage of the increased loan limits for the remainder of this year as well.

What does the increase mean for home buyers? Well, in San Diego you can now qualify for the conforming loan limits below:

$753,250 for a single family house/condo/town home etc.

$964,300 for a two unit

$1,165,600 for a three unit

$1,448,600 for a four unit

For example in San Diego you could purchase a single family home with a price of ~$780k and put 3.5% down for a loan of $753,250. Purchasing a home that qualifies as a conforming loan allows you to put down 3.5% and often times will give you some of the best overall rate and terms.

If you have any additional questions or want to speak with a local lender for more info please feel free to connect!

Disclaimer: I'm a licensed REALTOR, make sure you check with your lender for specifics.