JANUARY 2022
|
|
|
New Conforming Loan LimitsThe Federal Housing Finance Agency (FHFA) recently announced 2022 conforming loan limits for Fannie Mae (FNMA) and Freddie Mac (FHLMC) loans. Limits increased for single-family homes from $548,250 to $647,200, and in some areas, like King, Pierce and Snohomish counties, the limit is $891,250! If you’ve been thinking about becoming a homebuyer, are currently looking at homes or are interested in refinancing, this increase means you can afford to dream a little bigger! This increase is great news for homebuyers and refinancers, as it means they can secure a larger mortgage without having to go “jumbo.” Jumbo loans can mean more stringent requirements such as a higher credit score, larger cash reserves, extra appraisals, additional fees and a larger down payment. |
If you currently have a Jumbo loan, you may be able to refinance to a conforming loan, saving money with today’s lower rates and possibly dropping mortgage insurance.
Here are the specifics about the change:
- The standard loan limit, also known as the conforming loan limit, rose by 18% to a maximum of $647,200 in most areas.
- The percentage increase is equal to the national appreciation average over the last year.
- This is the 6th year in a row that the FHFA has raised the limit, after a decade of no increases. The limit has risen more than $230K over six years!
If you have been dreaming about buying or refinancing a home, give me a call today. Let’s lock in with lower rates and higher limits!
 |
FOCUS ON WINTER SAFETY As temperatures drop and snow begins to fly, winter safety becomes a concern for homeowners and businesses alike. Keeping walkways and parking areas clear and ice-free often becomes a major project. If you are The Snow Removal Person at your home or business, check out these important winter safety tips from State Farm. |
 |
2022 DESIGN TRENDS Houseplants, vintage pieces, and natural materials are just some of the styles coming our way for 2022. According to House Beautiful, the trend for natural, one-of-a-kind, and repurposed items will continue as supply shortages have created long wait times and product scarcity. Check out these and other interior design trends before your start your renovations. |
