United Wholesale Mortgage (UWM) said it would honor the 2022 conforming loan limits ahead of the FHFA November announcement.
Interestingly, one a wholesale mortgage lender that works exclusively with mortgage brokers.Īnd the other a correspondent lender, which offers its products to smaller banks, lenders, and credit unions. Who Was Already Offering the 2022 Conforming Loan Limits?īack in October, two major mortgage companies made announcements regarding the 2022 conforming loan limit. In other words, despite big home price gains, most borrowers across the country should be able to avoid a jumbo loan.Īs noted, this should make it generally easier to qualify for a home loan, and lead to better loan pricing. These higher limits are also available in Alaska, Guam, Hawaii, and the U.S. That means a loan amount of up to $970,800 for a one-unit property in places like Jackson Hole, Los Angeles, San Francisco, or Washington D.C.Īnd if you’re buying or refinancing a multi-unit property, the loan limit could be nearly $2 million. 2022 High-Cost Loan Limit Rises to Nearly $1 Millionįor those who live in a so-called high-cost area, the 2022 loan limit will be set at 150% of the national conforming loan limit.
Virgin Islands, the base loan limit will be $970,800, up from $822,375 currently.Įach year, the Federal Housing Finance Authority (FHFA) adjusts the conforming loan limit based on home price movement from the third quarter of the prior year to the next.īecause 2021 has been an absolute monster of a year for the housing market, the agency was able to increase the conforming loan limit substantially. They are also generally easier to qualify for than jumbo loans, a potential boon to those on the cusp of approval.
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