Jumbo Loan Limits for 2022

Where else would inflation be a good thing?

The 2022 National Conforming Loan Limits (available now at GoldCoast Mortgage) have taken a huge jump forward. The Jumbo Mortgage Limit received a robust expansion of value as well. The conforming loan limit is available nationwide and does not have any limitations per county. 

The expanded conforming loan limit allows you the luxury of more borrowed money in a category that has a lower rate structure.

How so?

The prior years’ conforming loan limit of $548,250 now swells to $647,200, allowing you more purchasing power, lower fees, a swifter process, and lower-priced PMI (for those who utilize it). 

In some cases, there are Appraisal waivers and reduced documentation requirements.

The bigger sibling to the agency Conforming Loan Limit also gets a supercharging of its own. This product class is known as “Agency High Balance” or “Agency Jumbo”. This program carries its own benefits such as: Navigating you AWAY from the stricter underwriting guidelines. Examples of the benefits may include a higher allowable Debt-to-Income ratio (more purchasing power to outbid your buying competitor), a lower interest rate, and options for less money down. 

Agency High Balance limits are set by COUNTY, per www.FHFA.gov Not all counties receive these larger loan limits. For the counties surrounding Boston (Suffolk, Middlesex, Norfolk, Essex)  you can expect to enjoy an increase to $770,500. 

For 2, 3, and 4 unit homes (in-law units not included) the increases are even more substantial. Contact us for details and exact amounts, please.

In an era of increasing inflation be sure to take advantage of these higher limits to reduce your expenses. Another great use of the higher limits is for consolidating debt. Let us help you analyze your Adjustable Rate Home Equity Line of credit for scheduled payment hikes. Student Loan Debt should be looked at as well. 

Here’s to 2022 and all the good fortune it holds for you.