The Federal Housing Finance Agency (FHFA) has announced the 2022 conforming and high balance loan limit increases. These limits take effect January 1st, 2022, however, many lenders are honoring these loan limit changes for loans that are currently in process.
These new limits apply to Conventional, VA and USDA loans. VA does not impose a maximum loan amount that a veteran may borrow; however, VA does impose a maximum amount that may be guaranteed.
FHA has not announced the County loan limit changes, but they are expected to be 65% of the conforming loan limit and would be effective with case numbers on or after January 1, 2022. That would allow a borrower using FHA financing to be able to borrow up to around $420,000 on a single-family home depending on the county in which the property is located.
Please feel free to reach out to me or your Re/Max Associated Realtor for more information.