The 2022 conventional loan limit is $647,200 for most of the country. In certain high cost living areas, such as certain parts of Massachusetts and California, limits may be even higher. For 2-4 unit multi families, the limits are also higher. If a loan amount is higher than the conventional limit, then the loan is considered a jumbo loan. However, beginning today September 11th, 2022, we’re honoring a conventional loan limit of $715,000; regardless of what happens in the future. Note, 2023 loan limits are typically announced in November. But lenders can choose to wait until Jan 1st, or until November, or even raise their own limit ahead of knowing what the limit will even be like us. Here are some myths about jumbo loans: – you need 20% down to qualify for a jumbo loan. We have jumbo loans with as little as 10% down and no PMI. And what other lenders consider as jumbo, we might consider as Conventional; meaning you can put as little as 3% down. – jumbo loans are worse pricing that conventional loans. That’s not necessarily true. That depends on the market, the lender’s unique pricing, and many other factors. I’ll discuss different options with you. It might make sense to do a Conventional loan combined with a HELOC to avoid a jumbo loan. Or a jumbo loan might actually get you better pricing. It depends on your own unique scenario; like your down payment, property type, credit score, income, first time homebuyer, etc. – A jumbo loan is tougher to qualify for than conventional. No, that’s not true. Most retail lenders make it more difficult to qualify. But that’s not the case with us. Our flexible guidelines may allow us to qualify you for more money and with a smaller down payment than the traditional 20%. We also have very competitive pricing and close on average in just 3 weeks, providing a stress-free experience for our clients; as we help more Americans to achieve the dream of home ownership.