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Every year the FHFA (Federal Housing Finance Agency) sets new loan limits for the coming year. The limit is additionally adjusted in some high cost areas, such as Hawaii. This is done where the median home cost exceeds the limit. The new Hawaii 2022 conforming loan limit on a single unit dwelling is $970,800. Additionally, the limits on multi-unit dwellings are as follows: two units $1,243,050 three units $1,502,475 four units $1,867,275.
This increase of the conforming limit opens up opportunities for both home buyers and owners. Buyers can complete low down purchases, at a higher purchase price, while obtaining a lower conforming rate. Homeowners with loans between $822k-970k may be able to refinance to a lower rate or take out the additional cash their jumbo loan required.
We are offering the new loan limit on conventional loans now. Please feel free to contact me for more information on this subject: joe@c2hawaii.com.
Author: Joe Schmitz
C2 Financial Corporation is a Hawaii State NMLS Licensed MLOC: NMLS #135622, C2 Hawaii NMLS#1244222. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of Hawaii.
