As home prices in CA continue to increase, Fannie Mae and Freddie Mac have agreed to raise conforming loan amounts in 2021. This is great news for high-cost areas around CA, as many borrowers were having problems finding homes in their price range, while still being able to purchase using first-time buyer programs. L.A. & O.C. counties see an increase of over $56,000, from $765,600 to $822,375 in 2021. This means more potential buying power for buyers, and refinance opportunities for those who may be in a jumbo loan. With rates being lower than they have been since 1973.
