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!
What does that mean for you?
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.
Here is more great news!
Typically, these loan limit changes do not take effect until January 1st of the next year. However, at Kevnik Mortgage, we are already honoring this loan limit change, effective immediately!
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 952-484-1584 or go to www.kevnikmortgage.com for more information.
Positively Changing Your Home Finance Experience. 🏠
NMLS #1639268 | AZ BK# 0932828 | Licensed by the DFPI under the CRMLA | Equal Housing Opportunity
