Wednesday, December 1, 2021

CY 2022 Oregon County Conforming Loan Limits and FHA Loan Limits Published.

On Tuesday FHFA published their conforming loan limits used by Fannie Mae and Freddie Mac (The GSE's) and FHA published their loan limits for CY 2022. 

The 2 page PDF table I created HERE and embedded below shows loan limits for CY 2022 and CY 2021 and the differences as well as median home prices used by FHA in setting its limits. 

For FHFA/GSE's/Fannie Mae/Freddie Mac the increase for Oregon counties is a simple 18%/$98,950 increase to $647,200.

For FHA loan limits increases in median home prices are factored in the process for high cost areas and  can impact the rate of increase. 

For example, in the Portland metro the increase in median sales price was 15.6%, below the 18% GSE increase.  This produced a $70,000 increase to $598,000 instead of a higher amount if 18% had been used. 

2022 Observations

  • The Portland Metro FHA limit was 6% below the GSE limit in 2021; in 2022 it will be 8% below.  
  • Hood River county has a higher FHA loan limit than the Portland metro area, $599,150 vs $598,000. The Hood River county FHA increase is 25.5%/$129,100 vs. 15.6%/$70,000 in the Portland metro area. The median sales price in Hood River county is $521,000 vs $520,000 for the Portland metro area. 
  • Deschutes county has a FHA limit increase of 23.8%/$109,250 to $599,150 
  • Harney county saw no increase in its median sales price, but an increase of 18% in its FHA limit to $420,480.
  • Grant county's median sales price went up by 1/3rd/$40,000 from $120,000 to $160,00. It's FHA loan limit went up 18%/$64,218 to $420,680.
  • There are a total of 22 counties where the percentage increase in FHA limits was greater than the percentage increase in median sales price. For GSE loan limits, there were 29 counties where the percentage increase in GSE limits was greater than the percentage increase in median sales price.

FHA's mortgage limits can be accessed HERE, and FHFA conforming limits HERE.

FHA loan limits for Home Equity Conversion Mortgages (HECM) have a uniform national limit for CY 2022 of $970,800, up 18%/$148,425 from CY 2021. 


Originally created and posted on the Oregon Housing Blog 

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