What is a jumbo mortgage?

A conventional mortgage is a loan that “conforms” to the loan limits set by the federal government.  Starting January 1, 2022, the new conforming loan limits will reach up to $647,200 in most of the U.S. and $970,800 in high-cost areas. A jumbo Loan, also know as a Jumbo Mortgage is considered a non-conforming loan –  a loan that exceeds $647,200 or exceeds $970,800 in high-cost areas. That simply means the loan cannot be purchased or guaranteed by Fannie Mae or Freddie Mac.  

Baseline conforming loan limits

Standard loan limits for 2022, which apply in most of the United States, are as follows:

• 1-unit homes: $647,200
• 2-unit homes: $828,700
• 3-unit homes: $1,001,650
• 4-unit homes: $1,244,850

Keep in mind that these are only the ‘baseline’ limits. In areas with high-cost real estate, buyers get significantly higher conventional mortgage limits.

Maximum conforming loan limits

High-balance conforming loan limits vary by county. They can fall within the following ranges:

• 1-unit homes: $647,201-$970,799
• 2-unit homes: $828,701-$1,243,049
• 3-unit homes: $1,001,651-$1,502,474
• 4-unit homes: $1,244,851-$1,867,274

Areas such as Alameda County, California; Arlington, Virginia; and Jackson, Wyoming enjoy the maximum conforming loan limits, while cities like Seattle, Washington and Baltimore, Maryland fall between the “floor” and the “ceiling.”In Alaska, Hawaii, Guam, and the U.S. Virgin Islands — which follow their own loan limit rules — the baseline loan limit for 2022 is $970,799 for a one-unit property.

Conforming loan limits by county for 2022

The following map shows conforming loan limits by county. You can see an interactive version of the loan limits map on FHFA’s website.