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1. #Fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017 full
2. #Fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017 license
3. #Fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017 plus

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#Fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017 license

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#Fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017 full

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#Fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017 plus

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(NMLS Unique Identifier# 2240) is engaged in the business of originating residential mortgage loans. Please visit our mortgage website to learn more, or contact us, at and Disclaimer: With over 25 years of focus and expertise in relocation mortgage lending, we understand the important role home financing plays in the relocation process. Whatever the financing needs of your transferees may be, SIRVA Mortgage is here to help. The increase of the conforming loan limit may put these areas within reach for some employees through easier-to-obtain financing. Some examples include areas in the vicinity of New York City, the San Francisco Bay Area, as well as Washington D.C. that are considered high-cost areas, and many employers need to entice employees to relocate to these locations. In any given year, there are roughly 150-200 counties in the U.S. In these high-cost areas, the conforming loan limit can go up to a ceiling of $970,800 (150% of $647,200). How Does This Impact High-Cost Areas?Ī high-cost area is a location in which 115% of the local median home value exceeds the conforming loan limit. An increase in the conforming loan limit means employees can borrow an additional $98,950 without requiring a jumbo loan, which is typically more difficult to qualify for and requires more documentation than a conforming loan. transferees or assignees who are hoping to purchase a home in the United States. This is good news for organizations with U.S. According to FHFA, home prices increased 18.05% on average between 20, so the conforming loan limit will increase by the same percentage. The Housing and Economic Recovery Act of 2008 (HERA) requires that the conforming loan limit be adjusted each year to reflect the change in the national average U.S. A loan amount higher than the conforming loan limit is considered a jumbo loan.

The conforming loan limit is the maximum loan amount for one-unit properties that can be guaranteed and purchased by Fannie Mae and Freddie Mac. This marks the sixth consecutive year of an increase. In November of 2021, the Federal Housing Finance Agency (FHFA) announced that the conforming loan limit for Fannie Mae and Freddie Mac will increase from $548,250 to $647,200 in 2022. What You Need to Know About the Conforming Loan Limit Increase for 2022 The original blog was post on January 8th, 2021. *Please note that this is an updated version for 2022.