The Federal Housing Finance Agency (FHFA) has announced new, increased conforming loan limits for Fannie Mae and Freddie Mac backed loans. The baseline conforming loan limit has increased 7.42% to $548,250. Essex County however has significantly higher limits because of a higher median home value (see limits below). The 7.42% increase corresponds to the increase seen in median home value across the country when comparing 3rd quarter 2019 and 2rd quarter 2020.
