Qualifying for a new home mortgage loan in Boston has become easier lately than it has been in the past. Homebuyers are also being approved for higher loan values than ever before. One of the main reasons for this is that “conforming” loan limits have been significantly raised for the year 2022. Conforming loans are loans that fall within the conventional guidelines that are enforced by both Fannie Mae and Freddie Mac.
Conforming Home Loan Limits Have Increased
For most of Massachusetts, the upper limit for conforming home loans have been significantly raised for 2022 to $770,500. This is an increase of over $200,000 over the levels for 2021. This is great news! More people will be able to afford their dream home within the conventional parameters set by major lenders. In addition to conforming loan limits being much higher now than when they were first introduced years ago, the changes to lending standards will make it easier for homeowners to qualify for a conforming loan due to lower down payment and credit score requirements.
| COUNTY | STATE | ONE- UNIT | TWO- UNIT | THREE- UNIT | FOUR- UNIT |
|---|---|---|---|---|---|
| BARNSTABLE | MA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
| BERKSHIRE | MA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
| BRISTOL | MA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
| DUKES | MA | $970,800 | $1,243,050 | $1,502,475 | $1,867.28 |
| ESSEX | MA | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| FRANKLIN | MA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
| HAMPDEN | MA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
| HAMPSHIRE | MA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
| MIDDLESEX | MA | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| NANTUCKET | MA | $970,800 | $1,243,050 | $1,502,475 | $1,867.28 |
| NORFOLK | MA | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| PLYMOUTH | MA | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| SUFFOLK | MA | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| WORCESTER | MA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
Benefits of Owning a Home Compared to Past Decades
• There is better availability of conforming loans today, and the conforming loan limits are higher than in previous years.
• Interest rates on conforming loans are extremely low right now. People who…