The Federal Housing Financing Agency has recently announced that the new conforming loan limit for 2022 is $647,200 for most areas for single-unit properties! This is an 18% increase from last years $548,000 loan limit. This will be the sixth year that the Federal Financing Agency increased the conforming loan limit.
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Borrowers looking to purchase a house in the coming year can now borrow almost $650k from a lender, making conventional loans more accessible.
This also means that homeowners whose loans were once considered “JUMBO,” or above the previous conforming loan limit, can now refinance their mortgage to obtain a lower rate and possibly even qualify to eliminate their mortgage insurance.
Coastal Loans programs will take the new limit into effect starting 2022.
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Why Coastal Loans?
At Coastal Loans we work directly with Holiday Builders to streamline your homebuying process. As your dedicated mortgage lender, we are able to simplify the lines of communication with your home purchase team, resulting in industry leading turn times. Our competitive rates and extensive loan product options allow us more opportunities to help our clients secure their dream home.
Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At Coastal Loans, we’re dedicated to helping home buyers finance their dream home. All information presented is for educational purposes only and not intended as financial advice.
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