The conforming loan limit for mortgages eligible to be purchased by Fannie Mae and Freddie Mac has been $647,200 for single family homes in our area in 2022. This loan limit is typically increased each January to reflect changes in the average U.S. home price, and is a critical part of keeping the housing market working.
With the rapid appreciation we have seen over the past few years, we are seeing some lenders increase the limit for single family homes in our area to $715,000, effective now, in September 2022. This does not apply to FHA, VA or USDA loans.
This chart shows various down payment options that maximize the new conventional conforming loan limit:
|Down Payment Amount||$178,750||$126,176||$79,444||$37,632||$22,113|
Please contact us if you have questions about Jumbo Mortgages.
Conforming Loan Limit Increasing to $715,000