Higher Loan Limits 2021
Reminder and etc.
Reminder for homebuyers in 2021
Congratulations on the decision to buy a home. If 2021 is the year you are buying a home please read the following.
1. The conventional loan limit has increased in 2021. First time home buyers can put 3% down on a single family home with a conventional loan amount of up to $548,250.
The income limit in the first time homebuyer program by county may apply for the primary residence only. The debt to income calculation will vary depending upon the lending institution.
Below are the new loan limits for 2021:
1 unit - $548,250
2 units - $702,000
3 units - $848,500
4 units - $1,054,500
These are the rates for high value areas like California and New York etc.
1 unit - $822,375
2 units - $1,053,000
3 units - $1,272,750
4 units - $1,581,750
2. Consult with your CPA if you are self-employed. Don’t forget to file your taxes correctly and indicate your net income on your tax returns. Most banks are looking for 2 years of tax returns so make sure that your past 2 years tax returns show positive income to qualify for a home.
3. Pay off your debt if needed. The lower the debt , the easier to qualify for a mortgage.
Thanks for reading.
Paige Park
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