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2022 Conforming Loan Limits - Woah!!

2022 is certainly bringing in a lot of changes when it comes to many things, but the only thing I am going to talk about today is the astounding new mortgage limits! I am a Loan Officer, after all. The country has seen some pretty crazy price increases when it comes to housing prices as of late. Multiple bids, over-bids, out-bids and an outright housing shortage have plagued those who have so desperately been trying to purchase a home. The fast rising residential prices left a lot of people out of luck because homes became too expensive and required too much of a down payment. This unprecedented increase caused the FHFA (Federal Housing Financing Agency) to announce the 2022 conforming loan limits - and they are the largest increases in many, many years. In 2021, the loans backed by Fannie Mae and Freddie Mac was $548,250. In 2022 we saw an astounding $98.950 increase to a whopping $647,200! That means that a would-be homeowner can now purchase a home for roughly $681,000 and only put

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