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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!

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October Lunch and Learn: Unconventional Lending In An Unconventional Market

1 Hour Con Ed Credit Available!

The real estate market is constantly changing, leading to many challenges for buyers and sellers alike.  Never has there been a greater opportunity to leverage innovative lending solutions to better serve your clients.  As you know we think outside of the box.  Yes we do lots of loans that fit in the box, but getting the deals done that don’t fit in the box can make all the difference in this market.  During this class we will cover some more unique loan programs and ways to structure transactions to help get offers accepted in an unconventional world.  This class is approved for 1 hour of continuing education thank you Devon Title for sponsoring the continuing education portion of this event!

Hot Topics We Will Cover

Here is a list of some of the things we will cover during the event:

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