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2022 Conforming & High Balance Loan Limits - FHFA, Fannie Mae, Freddie Mac & VA - YouTube
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What changes can borrowers expect in聽
2022 for conforming loan limit changes聽聽
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and how can you benefit from those聽
changes on a home purchase or refinance?
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Hi, my name is Jason Skinrood. I'm a mortgage聽
loan officer and I'm licensed in multiple states.聽聽
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I wanted to say thank you for coming and聽
checking out this video because today we're聽聽
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going to be talking about the changes to the聽
conforming loan limit and how those can help you聽聽
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whether you're doing a home purchase or聽
refinance. If you're a veteran be sure to聽聽
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stick around because this also impacts you too.聽
Each year, the conforming loan limit is set by聽聽
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the Federal Housing Finance Agency. The loan聽
agencies Fannie Mae and Freddie Mac use that聽聽
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amount to determine the conforming loan limit聽
for their loan underwriting. The VA also uses聽聽
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that loan limit for their guarantee maximum when a聽
veteran has two or more VA loans at the same time.聽聽
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The conforming loan limit for 2022 is $647,200聽
and that increase is about eighteen percent over聽聽
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2021 or almost a hundred thousand dollars. This聽
limit applies to just single-unit housing. Limits聽聽
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were also raised on two to four unit properties聽
too. If you're in a high cost market like Alaska,聽聽
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Guam, Hawaii or some of the other areas that limit聽
has also been increased. The maximum loan amount聽聽
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for there is $970,800. That increase is also about聽
eighteen percent over 2021. It does apply to only聽聽
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single-unit properties, but the limits have also聽
been increased for two to four unit properties.聽聽
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To help with visualizing these changes, I created聽
a couple of these slides here that we're going to聽聽
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go through and talk a little bit about how this聽
affects you and can benefit you whether you're聽聽
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doing a home purchase or refinance. As you can聽
see here we have the 2022 conforming loan limit.聽聽
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It applies to most of the continental United聽
States, the District of Columbia and Puerto Rico.聽聽
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On a conventional loan through聽
Fannie Mae or Freddie Mac聽聽
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like I talked about when they聽
use this conforming loan limit,聽聽
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it only requires a minimum three percent聽
down payment and so with that $647,200 limit聽聽
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it gives you a maximum sales price or purchase聽
price of $667, 216. If you're planning to put聽聽
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as much as 20 percent down so that you can avoid聽
things like mortgage insurance on a conventional聽聽
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loan in order to get to that $647,200,聽
you're looking at a $809,000 purchase price.聽聽
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This would also apply in the cases of a refinance,聽
like a cash out refinance if you were doing that.聽聽
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On a conforming loan limit, you would be limited聽
to that $647,200 and you would need to have a home聽聽
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that's worth at least the $809,000. Now for high聽
balance places again like Alaska, Hawaii, Guam,聽聽
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the Virgin Islands and some of these other high聽
cost metropolitan areas those are typically聽聽
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on your east and west coast, you see聽
the loan limit there of $970,800.聽聽
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Those do require a minimum of a five percent聽
down payment. The maximum sales or purchase price聽聽
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for 2022 would be $1,021,894. If you're聽
planning on putting twenty percent down or聽聽
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you're going to do a refinance of some type聽
then you're looking at $1,213,500 for that.
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Another thing that's also important聽
to know if you are planning on doing聽聽
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a refinance to take advantage of these聽
higher loan limits, a conforming loan limit聽聽
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through Fannie Mae or Freddie Mac is usually聽
a lot easier to qualify for and you don't聽聽
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necessarily have all the hoops that you need聽
to jump through when you have a jumbo loan.聽聽
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Now for veterans with a VA loan this does affect聽
you too. In 2020, the VA eliminated all of its聽聽
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loan limits when you had just one VA loan at a聽
time. However, when you have two or more VA loans,聽聽
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then these conforming loan limits apply. By this聽
amount going up, it actually increases the amount聽聽
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of eligibility that that you have available to you聽
by almost a hundred thousand dollars over 2021.聽聽
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If you have questions specifically about the 2022聽
conforming loan limit be sure to ask them down聽聽
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below in the comments section. If you need help聽
with a purchase or refinance to take advantage of聽聽
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this new loan limit then go ahead and reach聽
out to me. I always include the information聽聽
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on how you can get contact with me down below.聽
Please like the video so that other people can聽聽
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find it and consider subscribing to聽
my channel. Thank you for watching!
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