• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Rachel Gontkovic - Long & Foster Annapolis

Live the Annapolis Lifestyle

  • Home
  • About Us
  • Listings
  • Testimonials
  • Resources
  • Blog
  • Contact
  • Search Homes
  • Home Evaluation

Buying a Home Just Got Easier

December 16, 2021 by Rachel Gontkovic

Since the pandemic began, Americans have reevaluated the meaning of the word home. That’s led some renters to realize the many benefits of homeownership, including the financial benefits that come with rising home equity.

However, not every purchaser has been able to fulfill their desire for a new home. Homebuyers faced two obstacles:

  1. Saving for a down payment;
  2. Qualifying for a mortgage under current lending standards

Now the FHFA (which handles mortgages by Freddie Mac, Fannie Mae, and the Federal Housing Administration) is raising its loan limit for prospective purchasers in 2022. The term used to describe the maximum loan amount they will entertain is the Conforming Loan Limit. Conforming Loans meet the requirements to be acquired by Freddie Mac and Fannie Mae, whereas Jumbo Loans do not. Jumbo Loans exceed the conforming loan limit. A jumbo loan isn’t backed by any government guarantees, making them a higher risk for lenders. To compensate, lenders often tack on higher interest rates and higher down payment criteria for jumbo loans.

But last week the FHFA  significantly increased its Conforming Loan Limits for 2022. FHFA Acting Director Sandra L. Thompson issued a press release that read indicated a  new baseline limit of $647,200 for most counties, with approximately 100 counties having loan limits approaching $1 million.

This means that more homes now qualify for a conforming loan with lower down payment requirements and easier lending standards – the two challenges holding many buyers back over the last year. The Federal Housing Administration (FHA) also increased its Conforming Loan Limits for 2022. That could also mean an easier path to homeownership for many prospective buyers.

Buying your first or your next home may have just gotten much easier and less expensive. Get in touch to see how these changes may impact you.

Filed Under: Ask the Realtor, First Time Homebuyers, For Buyers Tagged With: annapolis real estate, annapolis realtor, buying a home, buying tips, down payment, first home, getting a home loan, home buyer, home buying tips, home down payment, home loan, home sales, lending, Mortgage, Rachel Frenstos, real estate, real estate agent, real estate tips

More Posts

Meet The Force Behind Dark Horse Tavern

What to Ask At An Open House

Can You Let Your Partner Pick The House Alone?

Mistakes Buyers Make in Sellers Market

5 Mistakes Buyers Make in a Sellers Market

Primary Sidebar

Sign up for my Newsletter

Annapolis Lifestyle

Waterfront homes in Annapolis Maryland

The Blog

Rachel Frentsos writing a blog article

Recent Posts

  • Where Will You Go If You Sell? You Have Options.
  • What Past Recessions Tell Us About the Housing Market
  • Think Twice Before Waiting for 3% Mortgage Rates
  • Is It Time To Sell Your Second Home?
  • What Experts Are Saying About the 2023 Housing Market

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017

Categories

  • Annapolis Lifestyle
  • Ask the Realtor
  • First Time Homebuyers
  • For Buyers
  • For Seller
  • Holiday
  • Home Improvement
  • Home Maintenance
  • Moving Forward with Rachel
  • Resources
  • Uncategorized
February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan    

Footer

Rachel FrentsosRachel Gontkovic (Frentsos)
Realtor

Connect with Me on:

  • Facebook
  • Instagram
  • LinkedIn
Sign up for my Newsletter

Send Rachel a Message

Copyright © 2023 Rachel Gontkovic (Frentsos), Annapolis Fine Homes - All Rights Reserved

Website images by JLowe Photos unless otherwise indicated.

Site design and hosting by Fischer IT Solutions for Business By Barnhill