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Conventional Loan Limit Increase for 2022
- In 2021, the conventional mortgage loan limit topped out at $548,250 on single-family residences. This meant that any mortgage loan on a SFR that was above that fell into the jumbo loan category. Jumbo loans have much stricter qualification guidelines for Debt to Income ratios, credit, income types, reserves, and down payment requirements. They are just more difficult loans in general.
- We saw a ton of jumbo loans in 2021 due to the huge increase in the prices of homes. We even used 1st and 2nd lien mortgages to avoid jumbo loans for many buyers which resulted in higher monthly payments and variable interest rates on the 2nd mortgage.
- The new conventional loan limit for SFR in 2022 is $647,200. This will help a ton of buyers in 2022, making it easier to get financing for their homes and reducing the down payment requirement for many.
How Long Does It Really Take To Buy a Home?
How to Purchase Your Home in a Tight Market
What is Mortgage Insurance? Why Do I Need It?
Contingent vs. Pending - What You Need To Know
Five Tips To Prepare For A Refi
Pre Approval - Why Is It So Important?
Construction vs. Renovation Loans - What's The Difference?
What Happened to Zillow?
First Time Buyer Process/Checklist
Finding The Right Mortgage For You
