The Federal Housing Financing Agency has recently announced that the new conforming loan limit for 2022 is $647,200 for most areas for single-unit properties! This is an 18% increase from last years $548,000 loan limit. This will be the sixth year that the Federal Financing Agency increased the conforming loan limit.
Find out what you can afford.
Get Pre-Approved with SimpleLoan.com in as little as 8 minutes.
Borrowers looking to purchase a house in the coming year can now borrow almost $650k from a lender, making conventional loans more accessible.
This also means that homeowners whose loans were once considered “JUMBO,” or above the previous conforming loan limit, can now refinance their mortgage to obtain a lower rate and possibly even qualify to eliminate their mortgage insurance.
Park Square Home Mortgage programs will take the new limit into effect starting 2022.
If you’re ready to own a home, visit our Mortgage Resources to learn more, or Contact Us today. We’re here to help you get started.
Questions About Home Buying?
Talk to one of our mortgage professionals to learn more about financing your new home today.
Why Choose Park Square Home Mortgage?
Park Square Home Mortgage, LLC (“PSH Mortgage”) works directly with Park Square Homes for fast, reliable mortgage services. PSH Mortgage offers a wide array of competitive mortgage products with experience in every area of residential mortgage lending. We focus on providing our customers with industry best service and use cutting-edge technology to help you navigate through the lending process with ease.
Few things give you more pride than owning your own home – you will probably make no greater single investment in your lifetime. PSH Mortgage wants to help you make that dream come true. Contact us today and put our expertise to work for you! All information presented is for educational purposes only and not intended as financial advice.
Conforming Loan Limit Increase for 2023
The Federal Housing Financing Agency has recently announced that the new conforming loan limit for 2023.
Opt Out of Firm Offers of Credit or Insurance
Many buyers find that applying for a mortgage can trigger an influx of marketing from other companies trying to win their business. Fortunately, there are ways to prevent this flood of offers from overwhelming you during an already stressful time.
Navigating Your Loan Program Options With Park Square Home Mortgage
Choosing the right loan program depends on a variety of factors like certain loan program features, the loan term and your overall financial goals.