If you are planning to buy or refinance a home next year, we have some great news for you.
Due to the significant home-price gains that occurred during 2021, the Federal Housing Finance Agency has raised the conforming loan limit for 2022 for nearly all counties across the country.
This means that homes you could previously only buy with a jumbo mortgage loan may now be eligible for a conventional loan – meaning lower interest rates and less stringent qualification requirements.
In most counties across the country, the 2022 maximum conforming loan limit for a single-family home will be $647,200 – which is an increase of $98,950 from 2021. That’s the largest year-to-year increase we’ve ever seen!
In higher-cost real estate markets, the limit for a single-family conforming home loan can be as high as $970,800.
What Does This Mean For You?
If you have been trying to qualify for a home loan but have been having some trouble getting a jumbo loan, you may now be able to qualify for a conventional loan.
Now is the time to start the mortgage process again so you are ready to purchase when these loan limits change next year. If you have any questions or would like to start the application process, fill out the form below to request a consultation.