Effective January 1, 2021, all new reservations for conventional and FHA loans will allow the increased loan limits recently announced by Fannie Mae and FHA. It is anticipated that VA will announce their loan limits soon, and they will also be in effect by January 1st.
A high balance loan limit fee will be required for Conventional, VA, USDA and FHA loans with a loan amount exceeding $548,250. See the CalHFA rate sheet for fee amounts.
For loans reserved prior to January 1, 2021 the existing loan limits are in effect
Please see the program bulletin below for all the details: