Following 18-plus months of record home price increases, Fannie Mae and Freddie Mac have announced higher limits for conforming loan limits in 2022.
According to the Federal Housing Financing Agency, in most of the U.S., the conforming loan limit will be $647,200, an increase of $98,950 from $548,250 in 2021. For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the new ceiling loan limit will be $970,800 (which is 150 percent of $647,200).
Per Inman, the 18 percent increase in the conforming loan limit is the largest on record, besting the previous high of 15.9 percent in 2006.