fbpx
Weekend Coverage 11:00am - 3:00pm . . . (269) 360-7109

Maximum Loan Limits Increase Nationwide

Most of the loans done in the United States end up with Fannie Mae, Freddie Mac, or The Federal Housing Administration (FHA).  All three agencies have Maximum Loan Limits, meaning that regardless of someone’s qualification there is a cap on the loan amount.  Over the last few days all three announced increases to those limits.   This year those increases were rather large due to the huge home appreciation rates the industry has seen.

There are two buckets for the caps that vary by area of the country.  Most of the areas we serve in Michigan and Ohio are considered low costs areas.  The low cost areas were increased as follows:

Fannie Mae & Freddie Mac Conforming Loan Limits For 2022
Property Size Baseline Loan Limits
One-Unit $647,200
Two-Units $828,700
Three-Units $1,001,650
Four-Units $1,244.850
 FHA Loan Limits
Property Size Low-Cost Area “Floor”
One-Unit $420,680
Two-Units $538,650
Three-Units $651,050
Four-Units $809,150

 

This is all great news for home buyers and sellers.  For buyers looking in that higher end market they are now able to reach some higher price points without needing “jumbo” financing.  Typically with jumbo loans they have less attractive financing terms and more strict qualifying guidelines.  These welcomed increases are bound to help keep that higher end market moving.  If you have questions or need help with financing your next home don’t hesitate to reach out!

Spread the love

Latest Blog Post

Is Your House Holding You Back From Your Dream Retirement?

Retirement – a time for freedom, exploration, and pursuing your passions. But is your current home the perfect partner in this exciting new chapter?

If your house feels too big, too expensive, or simply inconvenient, downsizing could be the key to unlocking your ideal retirement lifestyle.

Here’s a quick self-assessment to see if downsizing might be a good fit:

Spread the love
Visit Jeremy's Blog

Featured Video