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InstaMortgage, the fastest growing mortgage company in the country, announced that it will start offering a $715,000 conforming loan limit effective immediately.
2022 Conforming (Conventional) Loan Limit for a 1-unit property is only $647,200. InstaMortgage is predicting the 2023 loan limits will be higher and offering that loan limit to its borrowers now, even though the official announcement from Fannie Mae and Freddie Mac is not expected until November 2022.
See the table below for the current 2022 loan limits offered by almost all other lenders in the country vs. the new limit offered by InstaMortgage.
Last year too, the company was one of the first mortgage lenders to offer a higher conforming limit much earlier than most lenders in the country.
What does the higher loan limit mean for the borrowers?
Conforming loans allow mortgages with as little as 3% down payment. With a $647,200 loan limit, the maximum purchase price of a home to avail of the 3% down payment option was only $667,216. With a $715,000 new loan limit, the maximum purchase price can be $737,113. This allows you to buy a ~$70,000 higher priced home, keeping your downpayment still 3%.