Increased Conforming Loan Limits for 2022

The Federal Housing Finance Agency (FHFA) has recently announced increased conforming loan limits for 2022. For most Utah counties, the 2022 CLL for one-unit properties will be $647,200, increasing $98,950 from $548,250 in 2021. Both Summit and Wasatch County classify as High-Cost Areas in Utah. The high balance conforming loan limit for these counties is $970,800, compared to 2021 of $817,650. The updated loan limits offer more opportunities for buyers to obtain higher loan amounts, easier guidelines, and better rates without moving to a jumbo loan.

The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $7.3 trillion in funding for the U.S. mortgage markets and financial institutions.