You can now get a million dollar home with a smaller down payment!
The Federal Housing Finance Agency (FHFA) has announced that in 2022 the new baseline conforming loan limits will be increased to $647,200. The new loan limit for high cost areas is $970,800. This means the federal government will now back mortgage loans of almost $1 million, allowing you to afford larger purchases with less money down!
Average home prices have appreciated greatly in the past year. The FHFA stated that this has been the largest increase since 2008. Some areas are seeing an increase of over 18.5% in their respective housing markets. Thus the FHFA has increased limits to keep up with rising prices.
Now is the time to start thinking about purchasing if you plan on taking advantage of these new limits! We will be sure to keep you up-to-date on any and all new developments.