New Year – New Loan Limits
While everyone around the world was ringing in the New Year with resolutions, the Federal Housing Finance Agency (FHFA) was ringing in new loan limit amounts.
Mortgages backed by Fannie Mae and Freddie Mac have adjusted their conforming loan limits – most in the country have jumped to $647,200, which is an increase of $98,950 from 2021’s limit of $548,250.
These new limits took effect Jan 1st and are a response to the rising home prices throughout the country.
The FHFA reports that the 2022 conforming loan limits have increased by 18.05%, which is the same percentage as home prices rising between the third quarters of 2020 and 2021.
In cities with higher-priced housing, the FHFA have extended their loans even higher – to $970,800 in places like San Francisco and New York.
Check out the FHFA’s 2022 infographic below:
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