New Conforming Loan Limits
The increase in conforming loan limits will open doors for many who want to make homeownership a reality. Conforming loans have competitive mortgage interest rates and lower down payment options. With more available spending power and less due at closing, home buyers can expand their search into a more high-end housing market with less stress and more options.
Custom Mortgage is proud to announce effective with loans locked on or after Monday, Sept 12 AND closing on or after October 1, 2022, the conforming loan limit has been increased to $715,000.
| 2022 Loan Limit 1 Unit | 2022 Loan Limit 2 Units | 2022 Loan Limit 3 Units | 2022 Loan Limit 4 Units |
|---|---|---|---|
| $647,200 | $828,700 | $1,001,650 | $1,244,850 |
| New Conforming Loan Limit 1 Unit | New Conforming Loan Limit 2 Units | New Conforming Loan Limit 3 Units | New Conforming Loan Limit 4 Units |
| $715,000 | $916,000 | $1,107,000 | $1,376,000 |
Note:
• Existing loans that are locked will not be allowed to apply the new loan limits. No exceptions.
• This does not apply to FHA or USDA loans.
• Loans will receive a DU Approve/Ineligible or LP Accept/Ineligible. We’ll accept the Approve/Ineligible and if the “Ineligible” response is only due to the loan amount exceeding the conforming loan limits.
• A full appraisal is required. No PIWs will be allowed.
• First Payment must be December 1, 2022 or later
• VA does not impose a maximum loan amount that a Veteran may borrow; however, VA does impose a maximum amount that may be guaranteed.
• For Veterans with full entitlement, VA will guaranty 25% of any loan amount.
• For veterans with partial entitlement, the maximum amount of guaranty is the lesser of 25% of the loan amount or the FHFA 2022 conforming loan limit for a 1-unit property, reduced by the amount of the entitlement previously used by the veteran.
• The FHFA 2022 limit must be used to calculate the borrower’s down payment/equity for assistance, refer to the Resources VA Maximum Mortgage Calculation Worksheet – Cash Out/Purchase in AllRegs.
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