New Higher Conforming Conventional Loan Limits
The Federal Housing Finance Agency (FHFA) increased the conforming loan limits from $548,250 to $647,200. This is great news if you’re looking to move up and purchase a luxury home in 2022. The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) will begin purchasing the higher loans in January.
While higher conforming loan limits means less stringent underwriting standards, credit scores and other guidelines than required for a Jumbo Loan, borrowers can rest assured that Fannie and Freddie Mac have created appropriate guidelines to ensure borrowers aren’t assuming more liability than they can handle.
Contact your loan officer or visit Wisconsin Mortgage Corporation to learn more today!