- Homebuyers
- December 3, 2021
FHA Loan Limits Increasing in 2022
Due to home prices increasing by over 18% in the past year, the Federal Housing Administration loan limit will rise for nearly the entire country in 2022.
Due to home prices increasing by over 18% in the past year, the Federal Housing Administration loan limit will rise for nearly the entire country in 2022.
For the sixth year in a row, the maximum conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac are set to increase. Here are the full details.
The purpose of the government backing loans is to ensure that certain borrowers who may not be able to obtain a Conventional mortgage for various reasons have access to mortgage credit and are therefore able to buy a home.
Earlier this year, Fannie Mae and Freddie Mac enacted new policies that limited the number of second home and investment property mortgages each of the companies could acquire as part of a government effort to allow the companies to retain more capital. Those limits are now no more.
In late November, Fannie Mae and Freddie Mac announced that they were increasing their maximum conforming loan limits in 2021, but the GSE loan limits aren't the only ones going up. The Federal Housing Administration announced that it is increasing the loan limits for FHA mortgages in 2021.
The maximum conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac are set to increase for the fifth year in a row. Click the headline for the full details.
Self-employed and looking for a mortgage? A Non-Qualified Mortgage (Non-QM) loan is an option to consider.
Are you aware of the new conforming limits to conventional loans for 2020? Read our blog to learn how this limit increase could affect potential homebuyers.
This is the time of year the Federal Housing Administration (FHA) announces its new loan limits for the upcoming year, as well as any other changes to FHA loans available through FHA-approved lenders.
So, you found the home of your dreams. However, it's valued at more than what a traditional loan may permit. No worries. There's a unique solution for that—it's called a Jumbo Home Loan and you can learn more about it here.