Published February 21, 2022
Buy Your First Home In 2022 With Higher Mortgage & Loan Limits!
With significantly increasing home prices, homeowners and homebuilders alike are enjoying equity with the sale of properties in local markets like the Phoenix metropolitan area. However some entry level and first-time buyers buyers might have felt pushed out of the homebuying picture with the higher prices. But that may no longer be the case anymore especially with the Federal Housing Finance Agency increasing mortgage and loan limits for 2022.
For most local housing markets like Phoenix, conforming loan limits for 2022 were raised from $548,250 to $647,200 up, a $98,950 increased. On the other hand, mortgage limit saw a $73,600 increase from $368,000 in 2021 to $441,600 for 2022.
The higher loan limits would not only help accommodate additional entry level purchases but could also bolster supply with the development of new home communities in Phoenix where federally backed loans could be utilized.
Source Article:
https://roselawgroupreporter.com/
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Buy Your First Home In 2022 With Higher Mortgage & Loan Limits!
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