2021 Conforming Loan Limits

Learning how home mortgages work is key in high-value markets like San Francisco. See what the latest developments are with Kevin+Jonathan

Starting the last week of December 2020, conforming loan limits for high-market value areas like San Francisco are going up to more than $822,000 from just over $765,000 for purchases of single-family homes, condominiums and other types of property up to 4-unit buildings. Combined with low mortgage rates and more generous lending allowances (down payment amounts, acceptable credit scores and property conditions among more) conforming conventional loan guidelines and limits impact the entire industry by eating more into the Jumbo loan category and more.

Median home values generally increased in high-cost areas in 2020, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $822,375 — or 150 percent of $548,250.  …  As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum CLL will be higher in 2021 in all but 18 counties or county equivalents in the U.S.

Source: FHFA Announces Conforming Loan Limits for 2021 | Federal Housing Finance Agency

Financing a Home Purchase in San Francisco can be hard

Not for the faint of heart but definitely doable and possible. Learn the tips, ins and outs and more from Kevin+Jonathan’s discussion of financing a home purchase. 

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Hi, we’re Kevin Ho and Jonathan McNarry of Vanguard Properties in San Francisco, California. We’re partners in life and in business. Together with our big black Labrador retriever, Raffi, we are top producing Realtors in San Francisco’s competitive and valuable residential real estate market.

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Real estate is always changing and evolving. Because it’s based on people and people are, well people. Therefore, real estate can be complex and as fickle as it is surprising. And while the information and knowledge on this site is considered to be accurate and correct, it cannot be warranted. Market conditions in San Francisco, in California, and the world can change with a tweet or a sneeze and is beyond anyone’s control as hard as we try.

In San Francisco, things like local, state and federal tax regulations can change quickly leading to big implications that take time to be realized or appreciated. Other factors like rent control rules, eviction control, lending practices and standards, building and zoning regulations are just a few of the other things like pandemics, forest fires or mortgage rates that can change with little or no notice. All of these things and other intangible factors may well impact market values and performance. So keep your wits about you and keep in touch with us. 

Kevin is a licensed California attorney but focuses on real estate about 99.9 percent of the time. It’s important to note that while you can’t take the attorney out of him he will not be acting as your attorney here. To the larger point, you should also seek out qualified folks who work in their respective sectors if you have further questions about X, Y or Z; we have referrals too if you need. 

 

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Kevin K. Ho, DRE 01875957/SBN 233408

Jonathan B. McNarry, DRE 01747295

Vanguard Properties
2501 Mission Street, San Francisco, CA 94110
555 Castro Street, San Francisco, CA 94114


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