{"id":5044,"date":"2021-12-02T19:34:44","date_gmt":"2021-12-02T19:34:44","guid":{"rendered":"https:\/\/www.trinityoaksmortgage.com\/?p=5044"},"modified":"2021-12-02T19:34:44","modified_gmt":"2021-12-02T19:34:44","slug":"conventional-mortgage-loan-limits-a-2022-forecast","status":"publish","type":"post","link":"https:\/\/www.trinityoaksmortgage.com\/conventional-mortgage-loan-limits-a-2022-forecast\/","title":{"rendered":"Conventional Mortgage Loan Limits: A 2022 Forecast"},"content":{"rendered":"
Prospective new homeowners may be wondering what the highest amount is that they can borrow with a conventional mortgage loan because once you borrow over a certain amount, you have to deal with the stricter underwriting requirements of a jumbo loan product. Well, good news is ahead for both buyers AND sellers in 2022.<\/p>\n
In 2021, the limit for a mortgage in Texas was around $548,000. This week, the Federal Housing Finance Agency (FHFA) announced that the 2022 loan limit for conventional loans will go up over 18% to $647,200.<\/p>\n
What does the mortgage limit increase mean for you? It can mean two things depending on which direction you are going as a homeowner.<\/p>\n
You can either buy a more expensive house because of the increased loan limit or you will not have to put as much money down for the homes that were in your budget range.<\/p>\n
When it comes to buying a home, you generally have to put down at least 3% at minimum to qualify as a buyer. So, if you were looking for a home in a certain price range but did not have the most savings for a down payment, the previous limit may have prevented you from being able to buy that home.<\/p>\n