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.
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