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What Are the Conforming Loan Limits for 2022?

By Alene Laney · September 20, 2022 · 4 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Read less

What Are the Conforming Loan Limits for 2022?

An 18% increase in the conforming loan limits for 2022 raised the baseline loan limit to $647,200 in most counties in the United States for a single unit.

The adjustment is a result of a change in the average price of a home nationwide from the third quarter of 2020 to the third quarter of 2021. Home prices increased an average of 18.05%, and the baseline conforming loan limit increased by the same amount.

Conforming loans may be cheaper than nonconforming loans like jumbo mortgages, but jumbo loans have their place.

Conforming Loan Limits for 2022

The conforming loan limits set by the Federal Housing Finance Agency can vary based on area and the number of units in the property.

In most counties, that number increased to $647,200 in 2022 for a one-unit property. In high-cost areas, the limit is $970,800 for a one-unit property.

In general, here’s how the baseline conforming loan limits break down for 2022.

Maximum baseline loan limit for 2022

Units

Many counties in the contiguous states, District of Columbia, and Puerto Rico

Alaska, Hawaii, Guam, and the U.S. Virgin Islands

1$647,200$970,800
2$828,700$1,243,050
3$1,001,650$1,502,475
4$1,244,850$1,867,275

Why Care About Conforming Loan Limits?

Staying under a conforming loan limit means you’ll most likely obtain a lower-cost mortgage. Mortgages that “conform” to the limits can be acquired by Fannie Mae and Freddie Mac, government-sponsored enterprises.

Because these mortgages can be bought by the agencies and then sold to investors on the secondary mortgage market, they represent a lower risk to the lender and a lower cost to the consumer.

If you need to finance more than the conforming limit, you’ll need to look at jumbo mortgage loans.

Getting a jumbo loan involves clearing more hurdles than a conforming loan, but the rate will usually be similar to conforming loan rates. How jumbo can a loan be for a primary residence, second home, or investment property? It’s up to each lender.

Government-backed mortgages are also nonconforming loans, and although they serve certain homebuyers, they also may be more expensive than conforming conventional loans because they usually come with additional fees.

Notable Counties Above the Standard Loan Limits

Loan limits are higher in counties where the average home price is above 115% of the local median home value. The loan ceiling is 150% of the baseline value.

For 2022, the high-cost-area loan limit increased from $822,375 to $970,800 on a one-unit property. Alaska, Hawaii, Guam, and the U.S. Virgin Islands also have a baseline loan limit of $970,800.

The following is a chart of counties in high-cost areas with an increased baseline loan limit. The increased amount for high-cost areas is either maxed out at an 18% increase to $970,800 or the average percentage of increase for the price of a home in the area.

State

County

2022 limit for a single unit

2021 limit for a single unit% change year over year
AlaskaAll$970,800$822,37518%
CaliforniaLos Angeles County, San Benito, Santa Clara, Alameda, Contra Costa, Marin, Orange, San Francisco, San Mateo, Santa Cruz$970,800$822,37518%
CaliforniaNapa$897,000$816,50010%
CaliforniaMonterey$854,400$739,45016%
CaliforniaSan Diego$879,950$753,35017%
CaliforniaSanta Barbara$783,150$660,10019%
CaliforniaSan Luis Obisbo$805,000$701,50015%
CaliforniaSonoma$764,750$707,2508%
CaliforniaVentura$851,000$739,45015%
CaliforniaYolo$675,050$598,00013%
ColoradoEagle$862,500$822,2505%
ColoradoGarfield$856,750$765,60012%
ColoradoPitkin$856,750$765,60012%
ColoradoSan Miguel$756,750$649,75016%
ColoradoBoulder$747,500$654,30014%
ConnecticutFairfield$695,750$601,45016%
FloridaMonroe$710,700$608,35016%
GuamAll$970,800$822,37518%
HawaiiAll$970,800$822,37518%
IdahoTeton$970,800$822,37518%
MarylandCalvert, Charles, Frederick, Montgomery, Prince George’s County$970,800$822,37518%
MassachusettsDukes, Nantucket$970,800$822,37518%
MassachusettsEssex, Middlesex, Norfolk, Plymouth, Suffolk$770,500$724,5006%
New HampshireRockingham, Strafford$770,500$724,5006%
New JerseyBergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union$970,800$822,37518%
New YorkBronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester$970,800$822,37518%
New YorkDutchess, Orange$726,525$726,5250%
PennsylvaniaPike$970,800$822,37518%
UtahSummit, Wasatch$970,800$817,65019%
Virgin IslandsAll$970,800$822,37518%
VirginiaArlington, Clarke, Culpeper, Fairfax, Fauguier, Loudon, Madison, Prince William, Rappahannock, Spotsylvania, Stafford, Warren, Alexandria, Fairfax City, Falls Church City, Fredericksburg City, Manassas City, Manassas Park City$970,800$822,37518%
WashingtonKing, Pierce, Snohomish$891,250$776,25015%
Washington D.C.District of Columbia$970,800$822,37518%
West VirginiaJefferson County$970,800$822,37518%
WyomingTeton$970,800$822,37518%

Will Conforming Loan Limits Rise or Fall?

The baseline conforming loan limit is adjusted each year to reflect the change in the average home value in the United States.

The conforming loan limit has increased in six of the past 10 years and has never declined. From 2006 to 2016, for example, the conforming loan limit remained at $417,000, despite declining home values across the country. If home values continue to rise, the conforming loan limit will also rise.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.


Conforming Loan Limits Over the Past 10 Years

The 18% increase in loan limits is the largest jump in the past 40 years. It represents an increase of nearly $100,000 over the past year alone.

Conforming loan limit

Year

Amount

2022$647,200
2021$548,250
2020$510,400
2019$484,350
2018$453,100
2017$424,100
2016$417,000
2015$417,000
2014$417,000
2013$417,000

The Takeaway

Conforming loan limits are intended to keep costs low for homebuyers. This means competitive pricing on mortgages, no matter what the housing market looks like each year.

If you’re looking to apply for a home mortgage loan, check out how SoFi can help. SoFi offers fixed-rate mortgages, and
qualifying first-time buyers can put as little as 3% down.

If a supersized loan is needed, SoFi offers jumbo loans with as little as 10% down and no private mortgage insurance.

Check out SoFi Mortgages today and view your rate.


Photo credit: iStock/marchmeena29

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