We’ve got exciting news to share. On November 28, 2021, the Federal Housing Finance Agency (FHFA) has announced new baseline conforming loan limits (CLLs) for next year (2022).
The FHFA said that “In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 (18.5%) from $548,250 in 2021.”
They also stated that for high-cost areas where 115% of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will also be higher than the baseline loan limit of $647,000 with a new “ceiling” loan limit for one-unit properties of $970,800.
This announcement is excellent news for homebuyers because this will provide greater buying power, fewer down payment requirements, and an easier approval process—ensuring homeownership remains within reach for countless families!
You can read the official FHFA news release on the updated Conforming Loan Limits for 2022 by clicking here.
If you or someone you know are looking to buy a home in 2022, reach out today and find out if the new FHFA Conforming Loan Limits increase is a good option for your purchase scenario. You can find one of our experienced loan officers to speak with by clicking here for our Loan Officer searching page, or you can click here to send us a message through our contact page.
