Announcing Increases to Mortgage Loan Limits
Across the country, home prices are rising. The good news is, as of October 4th, 2022, conforming loan limits increased by a similar margin. You may be thinking, what's the good news here?
The loan limit is the maximum dollar amount on mortgages that can be acquired by government-sponsored enterprises Fannie Mae and Freddie Mac. Anything over the conforming loan limit is classified as a jumbo loan, which often means higher interest rates and higher down payment requirements. Loans below the limit have smaller down payments and more competitive interest rates.
If you have any questions or are interested in more information about a mortgage, please contact one of our lenders.
Who is FIBT?
First International Bank & Trust (FIBT) is a full-service, family-owned, independent community bank serving a wide range of communities across North Dakota, South Dakota, Minnesota, and Arizona.