Each year the conforming loan limit is updated, and that change affects how much Arizona buyers can borrow with a conventional loan.
Exciting news! Fannie and Freddie Mac have announced the new conforming loan limit to increase from it’s current $548,250, up to about $625k!
I have a few lenders who can already offer this new higher loan limit!! Typically, we need to wait until the beginning of a new year, before the new loan limit increase takes effect, but not this year!!
Let me know if you are interested in hearing more about this!!
What the Conforming Loan Limit Means for You
The conforming loan limit is the largest loan amount that Fannie Mae and Freddie Mac will buy. Loans at or below the limit usually have easier qualifying and better rates than jumbo loans. When this post was published, the baseline limit was rising from $548,250 for 2021 to $647,200 for 2022.
Limits are adjusted every year based on home price changes, so check the current figures with your lender or the Federal Housing Finance Agency. A higher limit can let buyers purchase more home with a conventional loan and a smaller down payment.
Ready to see what you can afford today? Visit my buyer resources to get pre-qualified.
