The Federal Housing Finance Agency has announced an increase in the conforming loan limits for Fannie Mae and Freddie Mac in 2022. In most of the U.S., the maximum conforming loan limit will rise to $647,200 — an 18% increase from the 2021 level of $548,250. Additionally, the FHA has increased the high-balance loan limit for single-unit properties in high balance markets to $970,800, or 150% of $647,200. Over the past six years, the baseline loan limit has increased by $230,200.

Higher limits apply in high-cost areas and for properties with 2 to 4 units:

• 2 units: up to $828,700 and up to $1,243,050 for high-cost areas.
• 3 units: up to $1,01,650 and $1,502,475 for high-cost areas.
• 4 units: up to $1,244,850 and $1,867,275 for high-cost areas.

To learn more about this increase click here.

Are you interested in purchasing a home in Fort Lauderdale or the surrounding South Florida area? Call Fairway Fort Lauderdale today! We would love to help!