The 2022 FHA loan limits were announced just a little while ago. The new loan limit for single-family residences in metro areas is $471,500, which is a $58,650 increase to the previous limit, which was $412,850.
A higher limit is no surprise after conforming conventional loans saw a large jump from the previous year. The conforming loan limits were announced in early November and then updated once again at the end of the month to $647,200.
These limits are increasing due to how crazy the market is currently and possibly still to come. Since our industry is seeing higher prices for homes then ever before, it only makes sense to raise the loan limits to assist borrowers.
Keep In Mind
Both the conforming conventional loan limit and FHA's loan limit are available starting January 1, 2022. That being said, conforming conventional can close at a higher limit before the available date whereas an FHA loan at the higher limit must have a case number assigned on or after January 1, 2022. This is important for all to keep in mind so our industry professionals don't mislead agents or borrowers.
Please note that the increased loan limit is only allowable for case numbers assigned on or after January 1, 2022. Please remember that an FHA appraisal cannot be ordered before the case number is assigned, so it will be important that you coach your agents properly on closing date timing for any borrower who will be using the higher loan limit option.
One last thing to keep in mind is that the FHA limit may vary from county to county. That is why it is important to go online to the HUD.GOV site and research the limits for your county. If you need help researching this then please let me know.
New FHA Sales Price With Minimum Down
FHA buyers are now able to purchase a home for single family residences with a sales price up to...
$488,500 with 3.5% down
Want More Information About An FHA Loan?
Not sure if you can receive the higher limit? That's all alright! We can help you figure that out for you. We understand that there are many questions that come to mind when financing your home. Any questions you may have then we can get you the answer. If you simply want to know if you qualify for an FHA loan, contact me and I will happily assist you. Feel free to call our office at (877) 455-0440 and ask for me!