There’s been a lot of news about the increase in the conforming loan limits for 2022. The new loan limits range from $647,200 to $970,800. A conforming loan means it will be backed by the government entities, Fannie Mae or Freddie Mac. That backing makes loans easier to get and generally you will have lower interest rates. When buyers move up into luxury properties, that backing is no longer available. With the intense appreciation we have seen across the country during the pandemic the conforming loan limits needed to increase.
Conforming loan limits by county
The actual conforming loan limits for 2022 vary based on the area you are in. Generally, the new limit is $647,200. However, if the property is in an area with higher priced homes, that limit can be increased. It is set by county. Summit County’s conforming loan limit for 2022 is $822,375. That’s the same as it was for 2021. No changes here. If you are curious about conforming loan limits in other counties, check out this map on the FHFA website.
If the amount you would like to borrow is above the $822,375 limit, don’t fret, you can still get a loan. Lenders in Summit County have been doing loans above the conforming loan limit for years. There are a lot of great lenders here that can get it done for you while offering very competitive rates. If you’re considering buying or refinancing, check out some of the local lenders we like.