2022 HOME LOAN LIMIT INCREASE

The Federal Housing Finance Agency (FHFA) just raised their conforming loan limit for 2022 by 18% to a maximum amount of $647,200 with high-cost areas being $970,800.

This is great news for buyers and owners alike.

• Buyers may be able to borrow more money through a conventional, typically lower-rate loan.

• Owners may be able to refinance their "jumbo" loan to a lower rate conforming loan and possibly drop mortgage insurance, too.

• Combining (or avoiding) smaller 1st and 2nd mortgages may now be an option.

• The increase reaffirms the health of the housing market and your decision to invest in a home.

Here are the specifics about the change:

• The standard loan limit, also known as the conforming loan limit, rose by 18% to a maximum of $647,200 in most areas. 

• The percentage increase is equal to the national appreciation average over the last year.

• This is the 6th year in a row that the FHFA has raised the limit, after a decade of no increases. The limit has risen more than $230K over six years.

Working with Highlands, you’ll get quick closings (thanks to in-house underwriting) and award-winning customer service.

Contact us today to learn more!