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New FHFA Loan Limit at $647,000

December 5, 2021

All Real Estate News

A desk with a loan application booklet, a smartphone, and a cup of coffee. The scene suggests financial planning or applying for a loan.

The Federal Housing Administration (FHA) may be increasing the loan limits on conventional loans in some high-cost markets in 2022 from $548,250 this year to $647,200 next year (an 18.05% increase with the actual cap varying by area). You can see the map on the FHA website that shows loan caps by county.

The Housing and Economic Recovery Act (HERA) adjusts the conforming loan limit based on average home prices, which have been rapidly increasing this year as reiterated by NAR President Rouda Smith, “With the continuous rising of home prices, the National Association of Realtors® appreciates the FHFA resetting the national and high-cost conforming loan limits… The FHFA’s actions will continue to ensure liquidity for home purchase market.”

The maximum loan limit will increase in over 3,000 counties, and remain unchanged in only about 45.
Visit the FHA’s “Mortgage Limits” webpage for more information.