What do the new 2022 conforming loan limits mean to First Time Home Buyers?
The new loan amounts are here, and they are HUGE!
Originally, we thought the conforming loan amount was going to be 625K but as we mentioned before they are up to $647,200 and High balance is 970 800!!!
What this means is you can now use conventional financing to buy a house with the purchase price of $681,600!
You can also now buy a house in High Cost areas like the San Francisco Bay Area Balance and put 5% down on a purchase price of $1,021,894!
Now rates change daily of course, and property taxes can be different in different counties so for the most accurate information on how these programs work visit: https://freshhomeloan.com/home-purchase/