General World News

FHFA to back mortgages up to $970,800 in 2022

The Federal Housing Finance Agency (FHFA) today announced the baseline conforming loan limit for 2022 will be $647,200, an increase of 18%.

The federal government will now back mortgage loans of nearly $1 million, with the new ceiling loan limit for one-unit properties in most high-cost areas now $970,800 — or 150% of $647,200.

Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $970,800 for one-unit properties.

In 2021, the FHFA set the baseline conforming loan limit at $548,250, a 7.5% increase details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com