Higher Mortgage Loan Limits Set for 2022

Written By Caleb Roche

The Federal Housing Finance Agency announced Tuesday that conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac will jump in most of the country to $647,200, an increase of $98,950 from 2021’s limit of $548,250. The higher levels are in response to rising home prices over the past year.

The FHFA’s House Price Index shows that home prices rose 18.05%, on average, between the third quarters of 2020 and 2021. The 2022 conforming loan limits are increasing by the same percentage, the FHFA reports.

However, in areas where the local median home value exceeds the baseline conforming loan limit, the limits will be much higher, the FHFA says. In higher-priced locations such as San Francisco and New York, the conforming loan limits for 2022 will increase to $970,800. In 2021, that baseline was $822,375.

Find out the conforming loan limit for 2022 in your area at FHFA.gov. You can also view the interactive map below on the site.

Caleb Roche

Located in Edmond, Oklahoma, Caleb is a Marketing Consultant that helps businesses build better marketing strategies. Combining strategy with implementation, he focuses on building long-term customers through data-driven decision-making. With experience working with both small and large companies, he has the experience to help businesses create strategic marketing plans that focus specifically on each business’s strengths, not just a one size fits all/template-based strategy.

https://www.crocheconsulting.com
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