New Loan limits should be close to $1 million in 2022

Every year, the Federal Housing Finance Agency (FHFA) raises loan limits for conforming mortgages. The next announcement is due before Nov. 30.

It’s very likely 2022 loan limits will jump to nearly $1 million in areas with high home prices. And even in places where home prices are lower, we expect to see those limits soar to around $650,000.

Higher loan limits are great news for home buyers and homeowners alike. This move should help to keep homeownership affordable even in places where home values have skyrocketed in recent years.