As home prices continue their record-breaking climb, the Federal Housing Finance Agency said last week that loan limits for mortgages that can be bought by Fannie Mae and Freddie Mac in 2022 will rise by the largest percentage ever.

They increased the conforming loan limit for single family houses from $548,200 to $647,200. This is a big deal and designed to keep pace with rising home prices. At the end of the day, it gives homebuyers $99,000 more buying power. What can you do with more buying power? Many homeowners start looking into better neighborhoods or at larger houses. You might be able to get a larger lot, or a home with higher quality finishes.

Have questions? Feel free to reach out to Scott Bennett at 503-703-4699 or scott@altmo.com to talk about your current situation.