Loan Limit Increases for 2022: FHA and Conventional
If homeownership is at the top of your 2022 goals, we have great news: Both Conventional and FHA have increased their loan limits for the new year!
Conventional loan limits for 2022 have been raised from $548,250 to $647,200, while FHA loan limits will increase from $356,362 to $420,680 for a single-family property.
The FHA loan limit increase is especially good news for first-time homebuyers. FHA loans, guaranteed by the Federal Housing Administration, require lower down payments and credit scores to receive funding and can be very helpful for those starting on their homeownership journey.
These changes could help you reach your goal of homeownership. If you want to learn more about FHA and conventional loans, or need help choosing the best loan product for you, Minute Mortgage is here to help! Our team of mortgage experts is on hand to help you make the best decisions to get into your dream home faster.