Industry Update: 2022 Conforming Loan Limit Increase
It has been reported that the FHFA (The Federal Housing Finance Agency) will announce another conforming loan limit increase at the end of the year. In anticipation of this announcement, wholesale lenders have moved to raise their conforming loan limits ahead of FHFA.*
But what does this actually mean for homeowners?
Increasing the conforming loan limits makes it easier for homeowners to purchase a home with lower down payment options at competitive rates. This increase opens up more loan opportunities instead of only Jumbo loan opportunities, an advantage in a market with rising home prices.
Conforming loans are usually easier to qualify for and typically have lower interest rates. Jumbo loans usually require a larger down payment, higher credit scores, and higher income levels from borrowers.
This loan limit increase may open the doors to a wider array of borrowers. Borrowers like you.
Reach out to your A and N Mortgage expert today with any further questions or click the link below to email your A and N Mortgage Consultant directly.
