The Federal Housing Financing Agency has recently announced that the new conforming loan limit for 2022 is $647,200 for most areas for single-unit properties! This is an 18% increase from last years $548,000 loan limit. This will be the sixth year that the Federal Financing Agency increased the conforming loan limit.
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Borrowers looking to purchase a house in the coming year can now borrow almost $650k from a lender, making conventional loans more accessible.
This also means that homeowners whose loans were once considered “JUMBO,” or above the previous conforming loan limit, can now refinance their mortgage to obtain a lower rate and possibly even qualify to eliminate their mortgage insurance.
RMC Home Mortgage programs will take the new limit into effect starting 2022.
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Why RMC Home Mortgage?
RMC Home Mortgage, LLC works directly with Maronda Homes for fast, reliable mortgage services. We offer a wide array of competitive mortgage products with experience in every area of residential mortgage lending. As a dedicated mortgage lender for Maronda Homes, we work directly with your home purchase team to streamline the lines of communication and ensure a smooth construction and financing experience.
Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At RMC Home Mortgage, LLC, we’re dedicated to helping home buyers finance their dream home. All information presented is for educational purposes only and not intended as financial advice.