NYC Condo Conforming Loan Limit for 2021

The NYC conforming loan limit that applies to condos for 2021 is $822,375.

A conforming loan limit is the maximum price for which the US government will purchase your loan from your lender. Loans under this limit are conforming loans. Mortgages that exceed the loan limit are jumbo loans.

Why do I want my condo to be below the NYC conforming loan limit?

In addition, lenders are more likely to give a home buyer a loan if the government will insure it.

Check out Marketproof New Development for the most information anywhere on NYC condos.

Who decides the NYC conforming loan limit?

The conforming loan limit rises along with US housing prices. For example, last year’s NYC condo conforming loan limit was $765,600. This tells us that housing prices rose considerably year over year.

What do I do if I can’t qualify?

The most obvious option, if your finances permit, is to leave a big enough down payment to knock the remaining price of the house below the conforming loan limit. For example, if your new one-unit NYC condo is $1,000,000, putting down a payment of $200,000 would put your condo in conforming loan territory.

Another route is to seek a Federal Housing Administration loan on top of a conforming loan. If you are eligible for this, the FHA loan will cover the difference.

How do I find condos for the optimal price?

Developers retain shadow inventory primarily because scarcity increases the appeal of condos. Sponsors also do this because they prefer to sell cheaper condos before moving onto more expensive units. Typically, the higher the condo is located in a NYC building, the more expensive it is.

Fortunately, Marketproof New Development offers the most complete data anywhere on new NYC condos. It will not only show you shadow inventory, an unparalleled offering, but also high-value and rare data such as comparable condos to the one you’re considering, how many condos have sold in your building, and concessions you can seek to get the right price.

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Top photo courtesy of 56-leonard-st-10013.

I cover tech, politics, and real estate as a freelance journalist., @joe_zappa