Conventional Loan Limits Skyrocket for 2022

In October 2021, the loan limits were increased from $548,250 to $625,000. But wait! There’s more…

We were just hit with a surprise announcement that conventional loan limits were pushed even higher!

The new limit for single-family homes will be $647,200 for most counties in Utah. Wasatch and Summit counties have higher loan limits at $970,800!

Conventional Loan Limits 2022:

How does this benefit you?

BUY-ers:
Many who are in the buying process now will be able to close their home loan within the conventional loan limits, which typically offer much better interest rates.

REFI-ers:
Homeowners all over UT have been tapping into home equity to get cash for a host of things (investment opportunities, consolidate debt, home upgrades / projects, etc.). Some have been capped on how much they can get by previous conventional loan limits.

This can open up a lot of opportunities as home values have skyrocketed the last 12 months and they CONTINUE to trend up! This makes cash-out refinances extremely favorable.

Truly a uniquely remarkable time to consider getting cash out of your home: high equity, crazy low rates and now higher loan limits!

About Post Author

Darin Rhodes

A bio is a funny thing, they’re usually written in the third person as if a journalist surprised you one morning ringing your doorbell. “What, you want to interview ME?”

The cold, hard truth is our business interest in each other really comes down to one thing: “can this person help me get what I want?”

In that spirit, my most basic hope, coupled with my deepest desire, is the products, service, knowledge, and experience I have acquired over the years can be laser-focused on one thing: helping you get what you want.

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