New Conforming loan limits have been announced for 2022!

 The Federal Housing Finance Agency (FHFA) raised conforming loan limits for 2022! The maximum conforming loan limit for one-unit properties in most parts of the U.S. is $647,200, up from $548,200 in 2021.

What Is a Conforming Loan Limit?

The conforming loan limit is the maximum amount you can borrow on a loan backed by Fannie Mae or Freddie Mac.

Why Did Loan Limits Increase?

The new limits set by the FHFA reflect the rise in home prices across the country, making it easier for more borrowers to qualify for financing and achieve the goal of homeownership. According to the FHFA House Price Index report, home prices rose 18%, on average, between the third quarters of 2010 and 2021.* As a result, the baseline loan limit is increasing by the same amount.

In high-cost areas**, the ceiling loan limit for one-unit properties will be $970,800, or 150% of $647,200.

2022 Loan Limits

Old Baseline Limit – $548,250

New Baseline Limit – $647,200

Old Ceiling Limit – $822,375

New Ceiling Limit – $970,800

View the map of 2022 loan limits by county.


Posted from vibrantliving Newsletter - https://www.vibrantlivingnewsletter.com/single-post/new-fhfa-loan-limits-have-been-announced-for-2022

This article is for information purposes only and is not an advertisement to extend customer credit as defined by Section 12 CFR 1026.2 Regulation Z. Program rates, terms and conditions are subject to change at any time.

Mortgage300 | Equal Housing Lender | NMLS# 162651