We have some wonderful news for our home buyers!  The Conventional loan limit for 2022 has been announced. The Conventional loan limit for 2021 was $548,250. The new Conventional loan limit has been increased to $625,000. That is roughly a $76,000 increase!

So in plain English, what does that mean? Let’s say that you wanted to purchase a home for $600,000. Currently, you would have to put almost 10% down in order to keep your loan amount under the $548,250 Conventional loan limit. If you borrowed more than that $548,250 number, you would have to go with a Jumbo loan. Higher rate, higher fees, and more headaches! However, now you would be able to put the minimum down on that same $600,000 property without having to go with a Jumbo loan product. Great stuff! 

Here is more great news! Typically, these loan limit changes do not take effect until January 1st of the next year. However, being mortgage brokers at Chissell Mortgage Group, we have some lenders who are already honoring this loan limit change, effectively immediately!

Now, only certain lenders will be accepting these loan limit changes effective immediately, so if you know someone looking to purchase a home, or have any questions regarding the home buying process, please contact us at 727-376-6900 or Start Your Application.