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New Conventional Loan Limit for 2022

ridgebackpilot
Established Contributor

New Conventional Loan Limit for 2022

According to my mortgage broker at Chase, the US government is raising the conventional mortgage limit next year from the current $739,450 to $854,000. So if you're trying to avoid a taking out a Jumbo loan, you'll soon have more flexibility.

 

In many cases, Jumbo loans above the conventional mortgage limit require higher credit scores and may carry higher interest rates as well. So this is good news for those of us who would like to remain in conventional territory. 

 

5 REPLIES 5
VALoanMaster
Valued Contributor

Re: New Conventional Loan Limit for 2022


@ridgebackpilot wrote:

According to my mortgage broker at Chase, the US government is raising the conventional mortgage limit next year from the current $739,450 to $854,000. So if you're trying to avoid a taking out a Jumbo loan, you'll soon have more flexibility.

 

In many cases, Jumbo loans above the conventional mortgage limit require higher credit scores and may carry higher interest rates as well. So this is good news for those of us who would like to remain in conventional territory. 

 


Most of us are already using the new limits. I have a client closing Tuesday using them.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 2 of 6
4sallypat
Valued Contributor

Re: New Conventional Loan Limit for 2022

Yes, some banks are already offering the new loan limits (conventional) - my broker got me the new loan limit and we closed last week.

 

If it wasn't the new loan limit, we would still be looking (6 months).

Message 3 of 6
CreditFun
Regular Contributor

Re: New Conventional Loan Limit for 2022

 

There are always HELOCs, Seconds and owner financing.

 

Also, depending on market conditions, Jumbo rates can be comparable to conventional rates. 

 

Chase is not a mortgage broker.  They are a bank that offer retail loan options.

Message 4 of 6
danny2021
Member

Re: New Conventional Loan Limit for 2022

I thought the new limit was approximately $647,200?   At least that is what Arizona is expected to be??

Message 5 of 6
Mortgage-Specialist
Established Contributor

Re: New Conventional Loan Limit for 2022

Counties have different limits

Input your state, county and change the year to 2022 and you'll see exactly what your county limits are

 

https://entp.hud.gov/idapp/html/hicostlook.cfm

Message 6 of 6
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