Have 2022 Loan Limits Expanded Your Options?

Two men discussing mortgage loan limits

If you shopped your mortgage options last year, you might want to check in with your loan officer. New loan limits took effect in January, so it’s possible you have more borrowing power at your disposal than what you estimated in 2021.

Conventional, FHA and VA loan limits are adjusted annually to reflect home values on a county-by-county basis. If home values have been rising in the area where you’re house hunting, chances are good that the amount you can borrow without the need for a Jumbo loan has increased too.

Across the country, base conforming loan limits have increased by 18.05% over last year (from $548,250 to $647,200). Many Richmond American communities saw conventional and VA loan limit increases ranging from $57,500 to $148,425 and FHA limit increases ranging from $36,580 to $148,425, making more homes eligible for mortgages with down payments as low as 3% or 3.5%! You can look up the loan limits in your county here:

FHA loan limits by HUD.gov
Conventional & VA (partial entitlement) loan limits by FHFA.gov

Note: As of 2020, there is no maximum loan limit for veterans who have full VA entitlement. For veterans with partial entitlement who wish to use VA financing, the loan limit will be the same as the conventional loan limit for the county. Learn more at VA.gov


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