New 2022 Conventional loan limits are now $625,000 - now available

Conforming Loan limits just went up!  Today we’ve got an important announcement. So, we just want to get right to it. Conforming loan limits just went up!  They’re now at… drumroll…

$625,000

And this is from the previous (i.e., this year’s) $548,250. Normally, this increase goes into effect January 1st, but we have access to this new loan amount right now.  This is a big increase. Between 2021 we saw ~7% increase in the loan limit, and this year we’re seeing ~13%, which is just fantastic. In terms of purchasing power… With the minimum down on conventional loans being 5%, with the $548,250 loan limit and the minimum down, the max purchasing power you had was ~$577,000.  But now, with the new limit that we have early access to, with the minimum 5% down on the conventional loan your purchasing power jumps all the way up to ~$657,000. This is, again, fantastic and it helps keep you out of that jumbo loan range. This is huge news too if you’re looking to cash-out. There’s a lot of lenders who aren’t able to offer this. Thankfully, we are. If you’re interested in this or learning more give us a call at 602-535-2171 or shoot us an email at one of the addresses below.  ••• Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to [email protected] or [email protected].   Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.   Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.