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Boise Conforming Loan Limits Increased to $548,250 in 2021

Sammamish Mortgage
December 10, 2019
Last updated:
March 30, 2021
In This Article

Summary: Home prices in the Boise area have increased rapidly over the past year or so. As such, federal housing officials recently announced that the 2021 conforming loan limit for Boise will be increased.

Boise’s median home prices have increased quite a bit over 2020, and the conforming loan limits for 2021 are being responded to as a result.

For all cities within Ada, Boise, Canyon, Gem, and Owyhee counties, the 2021 conforming loan limit will increase to $548,250 in 2021, up from $510,400 for 2020. This is for single-family properties. For duplexes, triplexes, and multi-family properties, the limits will be higher. See the chart below for all 2021 loan limits for all property types for the above-mentioned counties.

County Name 1-Unit 2-Units 3-Units 4-Units
ADA $548,250 $702,000 $848,500 $1,054,500
BOISE $548,250 $702,000 $848,500 $1,054,500
CANYON $548,250 $702,000 $848,500 $1,054,500
GEM $548,250 $702,000 $848,500 $1,054,500
OWYHEE $548,250 $702,000 $848,500 $1,054,500

Boise Conforming Loan Limits Will Be Increased For 2021

A “conforming” loan is one that does not exceed the size requirements used by Fannie Mae and Freddie Mac, the two government-sponsored entities that buy loans from mortgage lenders.

If the home loan amount is within the conforming loan size limits, it is considered a “conforming loan. ” But if the loan amount is in excess of these sizes, it is classified as a “jumbo loan.”

Borrowers who need to take out a jumbo loan will likely have to meet more stringent lending criteria because of the higher amount of money being borrowed.

In 2021, the loan limit that separates conforming and jumbo loans in Boise will be increased in response to an increase in property values. In 2021, the conforming loan limit for single-family homes in the Boise area will go up to $548,250, which is an increase of $37,850 from the 2020 limit of $510,400.

These loans limits are typically the same across metro areas, and in the case of Boise, that means Ada, Boise, Canyon, Gem, and Owyhee counties all have the same loan limits for 2021.

Beyond the Boise metro area, the 2021 conforming loan limit for most other Idaho counties will go up to $548,250 next year, though there are some exceptions, including the following:

  • Blaine County – $625,500 (1-unit properties)
  • Camas County – $625,500 (1-unit properties)
  • Lincoln County – $625,500 (1-unit properties)
  • Teton County – $822,375 (1-unit properties)

Note: Qualified borrowers with sufficient income are typically able to borrow more than the conforming loan limit in their respective county, which would be considered a “jumbo” mortgage situation.

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Higher Home Prices Means Higher Loan Amounts in Boise

Thanks to the rise in Boise’s conforming loan limits for 2021 as a result of home-price gains that took place in 2020, borrowers can expect to take out higher loan amounts when purchasing a property, depending on how much of a down payment they put forth. These loan limits are assessed every year in relation to property values.

When the average home price for a certain area increases significantly within a year, federal housing officials will generally respond by increasing loan limits to keep up.

But Boise is not the only area that will see higher conforming loan limits in 2021, as the majority counties across the US will see increases in loan limits next year.

According to a recent press release from the Federal Housing Finance Agency (FHFA):

“As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2021 in all but 18 counties or county equivalents in the U.S”

Right now, the median home value in Boise is now $379,160, according to Zillow, which is up from $332,000, marking a whopping 15.2% increase. This is precisely why the metro area will see higher conforming loan limits in 2021.

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