FHA loan limits for our area have increased to $356,362 as of January 1, 2021!! That's a big increase from the 2020 loan limit of $331,760. So now, with a minimum down payment of 3.5% of sales price, that puts the purchase price up to $369,287!! Pair that with the current historic low interest rates and you have a winning combination!!
For conventional, conforming loan limits have increased as well. As of January 1, 2021, the max is now $548,250. So that would put you at a purchase price of $577,105, with 5% down payment.
Happy buying in 2021!!
More information from Federal Housing Administration, click here