What are the 2022 conforming loan limits?

2022 conforming loan limits

With home values at historic highs over the last two years, mortgage limits have increased in 2022. The 2022 conforming loan limit has increased over 18% – giving the borrower much more power.

Qualified borrowers will be able to take out higher loans backed by government-sponsored enterprises like the Federal Housing Finance Authority (FHFA) and others. 

For single-family borrowers buying a home in Colorado in 2022, the new limits are:

  • National Loan Limit – $647,200
  • Denver and surrounding counties – $684,250
  • Boulder County – $747,500
  • Mountain Counties – $822,375 – $862,500

If you want to check exactly where your county stands – click here.

So what do these numbers mean? An increase in loan limits means an increase in borrowing power and your ability to find that perfect home you may have thought was out of reach.

You can consider buying a home with a higher price and still be within the 2022 conforming loan limit. Last year you could only borrow up to $548,250 before you were hit with higher interest rates for larger loans.  NOW, you can borrow $647,200 (or higher depending on where you live) and still get the best rates.  For example, in Denver county the new conforming limit is $684,250 which raises your buying power to $760k with 10% down or $855k with 20% down!!

The benefits of borrowing with a conventional loan are that you’re getting the lowest available rates, lowest available down payment and easier qualification guidelines. Essentially, you’re able to get more house for your money or trade up to your dream abode with these higher loan limits. 

If you’re wanting to take advantage of higher loan limits or have questions about whether or not this is good news for you, let’s chat!

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