The Millstone Times February 2022

REAL ESTATE

TIRED OF THE COLD? THINKING OF MOVING TO FLORIDA?

Feds To Increase Mortgage Loan Limits in 2022 By, Heather Smith

Specializing in Waterfront and gated Golf Communities. Serving all of Palm Beach County from Port St. Lucie to Delray Beach and every where in between. 25+ years of knowledge. A PORTION OF ALL PROCEEDS GO TO HELP THE SHELTER DOGS

Home prices have been rising dramatically; according to the Federal Housing Finance Agency (FHFA) House Price Index Report. Between Q3 2020 and Q3 2021, home prices increased, on average, a whopping 18.05 percent. For many home buyers, higher home prices means needing access to higher mortgages—and the FHFA is taking action to ensure those buy- ers get the mortgages they need to successfully purchase property. The FHFA recently announced that conforming loan limits for Freddie Mac and Fannie Mae-backed mortgages will increase in 2022. In 2021, the limit for a conforming loan was $548,250; in 2022, the limit will be $647,200—an increase of $98,950. Conforming loan limits for high- cost areas, like San Francisco and New York, will also increase based on median home values in the area, capping out at $970,800 (150 percent of $647,200). The Takeaway: So, what does this mean for you? If you’ve been struggling to find a tra- ditional loan to cover the cost of a home, these increasing limits could help you get the financing you need at a competitive rate—and make 2022 the year you finally get to buy your dream home.

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