|The ability to buy a new home just went up a level. With rising home prices, the Federal Housing Finance Agency (FHFA) significantly increased mortgage conforming loan limits for 2022.*
Higher limits make it easier to qualify for a conforming loan, which often means lower interest rates, a down payment as low as 3%, and easier qualification than a non-conforming (jumbo) loan.
|• They can borrow up to $647,200 in most parts of the country
|• They can borrow up to $970,800 in areas with a higher cost of living
|The new limits mean more breathing room to get the house they want.
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