Over the past two years, we’ve witnessed housing prices jump due to limited inventory along with the high demand for homes. One good thing coming out of this is a higher conventional loan limit. Just announced, the 2022 conforming loan limit is $647,200.
After a decade of remaining at $417,000, this is the sixth consecutive year the limit has risen.
- 2017 max limit was $424,100 (up from $417,000 for only about a 2% increase)
- 2018 max limit was $453,100 (about a 7% increase)
- 2019 max limit was $484,350 (another increase of about 7%)
- 2020 max limit was $510,400 (just over a 5% increase)
- 2021 max limit was $548,250 (just shy of an 8% increase)
- the new 2022 maximum conventional loan limit will be $647,200. This is a gigantic increase year-over-year. It is almost $100,000 higher and about an 18% increase from 2021!
With 2022 just around the corner, we can begin using the new limits today. This is great news for home buyers. Home prices continued to increase in 2021. Having a larger conventional loan limit helps when navigating the housing market.
Also, with the minimum down payment being 3%, a $667,000 home could be purchased with just $20,000 down!
Looking to purchase in 2021 and use the 2022 conforming loan limit? If you are looking to purchase in the state of Georgia, contact me today. I can get you prequalified and ready to make an offer on your new home in minutes!
