2022 Conforming Loan Limits – Woah!!

Fox-Guidry Mortgage > Mortgage > 2022 Conforming Loan Limits – Woah!!

2022 is certainly bringing in a lot of changes when it comes to many things, but the only thing I am going to talk about today is the astounding new mortgage limits! I am a Loan Officer, after all.

The country has seen some pretty crazy price increases when it comes to housing prices as of late. Multiple bids, over-bids, out-bids and an outright housing shortage have plagued those who have so desperately been trying to purchase a home. The fast rising residential prices left a lot of people out of luck because homes became too expensive and required too much of a down payment.

This unprecedented increase caused the FHFA (Federal Housing Financing Agency) to announce the 2022 conforming loan limits – and they are the largest increases in many, many years. In 2021, the loans backed by Fannie Mae and Freddie Mac was $548,250. In 2022 we saw an astounding $98.950 increase to a whopping $647,200! That means that a would-be homeowner can now purchase a home for roughly $681,000 and only put 5% down. That is certainly a game changer for many.

There are even some counties peppered throughout the country that now have a conforming loan limit of $970,000! Makes me grateful that I live in San Antonio.

Speaking of higher loan limits, FHA has also announced their new limits. For Bexar County and surrounding areas, an FHA borrower can purchase an approximate $442,000 home and only put 3.5% down.

So! Time to put on those house-buying hats once again. Although rates have risen a bit as of late, they are still very low. I am seeing more and more offers get accepted earlier in the search game versus the tragic seemingly endless unsuccessful endeavors that I saw last year.

The most important thing though, for the love of God, buy the house that you love. Take the time to figure out what is important and don’t settle. Don’t just buy a house because you have FOMO. I saw a lot of that last year and it was followed by a LOT of regret. Too many people over-paid for a house they didn’t even like to begin with.

If it is not the time for you to buy, then it is not the time. Everything will work out in the end…the way it is supposed to. You just have to be patient. Just like anything long term, the best ones are always worth the wait. A home is a huge investment, so it is best to treat it like one.


Thank you so much for reading today. I hope that I made you smile and think a little bit. To reach me, visit SALending.com

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