Conforming loan limits rose to $647,200 for single-unit homes in 2022, representing an 18% increase—a historically high jump in year-over-year loan limits. Here is what you need to know about what that increase could mean to you—and a strong option available to you should you fail to qualify.

What are the conforming loan limits for 2022?

The amount you can borrow with a conforming loan, commonly referred to as a regular mortgage, is adjusted every year by the Federal Housing Finance Agency (FHFA). Across most of the United States in 2022, the borrowing limit for a single-unit home is around $647,200, while in pricier parts of the US, like Hawaii, Alaska, the US Virgin Islands, and Guam, the borrowing limit is closer to $970,800. Those borrowing limits rose since 2021 when the borrowing limit on a single-unit home in most parts of the US was $548,250 and in those costlier regions was around $822,375.

While these figures represent the borrowing limits for single-unit homes, it should be noted that you can also borrow more money for two-unit, three-unit, and/or four-unit homes.

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