Mississippi Mortgage Company comments on increase in compliant loan limits for 2022
Columbus, Dec. 7, 2021 (GLOBE NEWSWIRE) – JTS & Co., a Mississippi mortgage company, advises existing and potential clients of the increase in compliant loan limits that has been announced by the Federal Funding Agency of Housing (FHFA) on November 30, 2021.
Fannie Mae and Freddie Mac are limited by law to purchasing only single-family mortgages with original balances below a specific amount known as a Compliant Loan Limit (CLL). Thus, the compliant loan limit applies to all mortgages to be acquired by the two government sponsored companies (ESGs). The limit for single unit properties has been changed from the previous value of $ 548,250 which was applicable throughout 2021 and has been increased to $ 647,200 for the following year, 2022. This increase in the limit loan is applicable to all contiguous states, the District of Columbia, and Puerto Rico. It is not applicable in four high-cost U.S. counties or legally designated county equivalents, namely Alaska, Hawaii, Guam, and the U.S. Virgin Islands.
Fannie Mae and Freddie Mac are bound by the formula established under the Housing and Economic Recovery Act 2008 (HERA) to adjust the baseline CLL each year to reflect the October-October percentage change in the average price homes across the country. According to the nominal, seasonally adjusted and widened FHFA House Price Index (FHFA HPI) report of the third quarter of 2021, house prices increased by 18.05%, on average, between the third quarters of 2020 and 2021. The change in the benchmark CLL for 2022 was therefore made to reflect this increase and set at the same percentage as the increase in house prices.
High cost areas have a different applicable loan limit that is higher than the benchmark loan limit. In areas where 115% of the median home value exceeds the baseline compliant loan limit, HERA sets the high cost area limit as a multiple of the median home value, while setting a ceiling of 150% of the basic limit. Therefore, the new loan limit limit for single unit properties in high cost areas will be $ 970,800, or 150% of $ 647,200.
A spokesperson for JTS & Co. commented on the all-new compliant loan limits for 2022, saying, “With the increase in compliant loan limits, our clients can now aim for the home of their dreams that was, until now, financially just a little overpriced. reach for them. Now you can enjoy the convenience of a larger mortgage that will allow you to afford the home you still have in mind, but whose asking price has not kept you within compliant loan limits and reaping the benefits. benefits that flow from it. You can now benefit from a lower APR on a higher mortgage value, which will reduce the total amount the loan will cost you, including the lender’s fees. Plus, no residency restrictions will apply to your purchase, which means you can buy that second home or investment property with confidence. When you’ve made your decision on your next home purchase and you’re finally ready to pull the trigger, give our office a call. We will help you with a wide range of services such as buying a home, refinancing, or withdrawing money from your home equity. You’ll be hard pressed to find another mortgage service that offers a more streamlined process at lower rates and such amazing service as ours.
There are two simple and convenient ways that applicants can prequalify for company services. They can either speak with one of the company’s highly trained specialists who will help the applicant through their fast and streamlined mortgage process, or they can use an online resource that offers a stress-free way to go through the mortgage loan process. asks at his own pace. Both methods offer the requester the same incredibly low rates along with top notch customer service. The company maintains full transparency throughout the process and never forces the customer to talk to aggressive salespeople.
Readers can contact the company at phone number (662) 329-9090 or check the company’s Facebook page to stay up to date with all relevant news.
For more information on JTS & Co. – NMLS # 55275, contact the company here:
JTS & Cie – NMLS # 55275
Tyler Farnham – NMLS # 1450553
4158 highway. 45 North,
Columbus, MS 39705
CONTACT: Tyler Farnham - NMLS#1450553