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Conforming loan limits for 2022

When applying for a mortgage, one of the most popular options is a conforming loan. These loans are called “conforming” because they conform to the guidelines set by Fannie Mae and Freddie Mac, federally-backed home mortgage companies created by the U.S. Congress to boost homeownership.

What do Fannie Mae and Freddie Mac have to do with your home loan?
These entities exist only to support the U.S. mortgage system. They don’t originate loans. Instead, after a loan has been issued, one of the entities will buy the loan from the lender if it meets their criteria. This is an important part of the mortgage market because it allows lenders to sell loans to Fannie Mae and Freddie Mac and use the cash raised to engage in further lending.

For a loan to be purchased by Fannie Mae or Freddie Mac, the borrower generally needs:

  • A good credit score
  • A debt-to-income ratio of 50% or less
  • At least 3% down payment
  • A loan amount that’s equal to or less than the conforming loan limit

2022 conforming loan limits
Each year, the Federal Housing Agency decides what the conforming loan limit is. As houses become more expensive, the limits increase. In 2022, the amount increased substantially for all units.

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2022.aspx

­­Base limit: This is the maximum loan amount for homes in most areas of the United States.

High-cost limit: This is the maximum loan amount for homes in high-cost markets such as parts of Alaska, Hawaii, California, and Washington, D.C.

Units: The number of housing units per building.

More >> Check what the conforming loan limit is where you live.

Because conforming loans can be re-sold, they’re not as risky for lenders and often have favorable terms for borrowers. Savvy home buyers will keep their loan amount within the conforming loan limits so they have an easier time securing their loan, they’ll have more relaxed requirements, and their rates will probably be better.

If you’re looking for a conventional 15 or 30-year loan (as most people are), you may want to consider keeping the loan amount under the loan limit in order for it to be a conforming loan.

When you need a bigger loan – consider a jumbo loan
If the limits won’t get you a home you’re interested in buying, you could look into a jumbo loan. Jumbo loans won’t be purchased by Fannie Mae or Freddie Mac, so they don’t need to conform to their loan limits – meaning you can get more money. If you have a strong credit score and low debt-to-income ratio, you may find a lender willing to extend one to you.

However, jumbo loans come with some disadvantages. They have stricter qualification rules, require a sizable down payment (sometimes 20% or more), and normally have a higher interest rate. For those reasons, a lot of homebuyers try to avoid them by finding a home that will keep them within the conforming loan limits.

To see whether you’ll be eligible for a conforming home loan, contact your local Mann Mortgage home lender. Together, they’ll help you crunch the numbers to see what type of loan would be best for you.

Outside Magazine says Mann Mortgage is one of the best places to work in the US

Mann Mortgage earned a place on Outside magazine’s 50 Best Places to Work in 2021, making this the second year in a row we’ve made the list. We are the only mortgage company or home loan provider to be included. We were recognized for our benefits, work-life balance, job satisfaction, and trust in our leadership. This honor was announced on the heels of being named a Top Mortgage Workplace by MPA just weeks ago.

“Making Mann Mortgage a great place to work and do business is our priority no matter what. Since January 1 of 2020, we went from just 25 remote or hybrid employees to 185 today. That’s 40% of our workforce now working outside the office,” says Jason Mann, CEO. “Our employees made this big adjustment, stayed true to our core values, and kept Mann Mortgage a great place to work. I find that inspiring! For Outside to find it inspiring too and include us among their list of incredible organizations again this year is a great honor.”

Outside accepts submissions from companies around the U.S. to be included in their prestigious list of Best Places to Work. Each company’s workplace culture, demographics, work-life balance, and perks of the job are evaluated. In addition, they do an extensive anonymous survey with current employees to get their take on the work environment. Only those companies that excel in both areas – providing excellent company benefits and getting great reviews from employees – make it to the list of 50 Best Places to Work.

“We are spoiled in unique ways,” said one employee. “From getting our birthday off to $100 meal reimbursement on our work anniversary, we feel supported in and out of work.”

Mann Mortgage employs just under 500 people across the United States. In addition to traditional benefits, we offer our diverse team a variety of non-traditional benefits that add to our award-winning cultures. A few highlights include a bonus incentive, happy hours, lifestyle reimbursement program, onsite fitness center with classes, company gatherings, and a healthy wellness plan.

“This award is a great reminder that our employees are happy. They work hard, support each other, and have fun along the way,” said Tara Tucker, HR manager. “We want Mann to be a positive place where people are excited to come to work and have a voice in the company.”

We’re hiring

Mann Mortgage is always on the lookout for talented and fun-loving people to join our corporate and branch teams. We hire for positions such as loan originators, processors, quality control, underwriters, and construction loan specialists. You can view and apply for open positions at mannmortgage.com/careers or email your resume and cover letter to jobs@mannmortgage.com.

Mann Mortgage again named a Top Mortgage Workplace by MPA

Mann Mortgage has again been recognized for its extraordinary work culture, earning a spot on the Mortgage Professionals America (MPA) 2021 Top Mortgage Workplace list. This is the third year in a row the hometown lender has joined the handful of distinguished mortgage companies from around the country.

“Our employees are what make this an incredible place to work. They’re the heart and soul of the Mann family,” says Mann Mortgage’s CEO, Jason Mann. “They are excelling at both helping people in their community find a great mortgage and making Mann Mortgage a healthy and fun workplace.”

To receive the award, Mann Mortgage had to provide MPA compelling data on their compensation, benefits, initiatives, diversity, and workplace culture. In addition, employees were asked to complete an anonymous survey to see how they felt about their opportunities and experience at Mann Mortgage. Only the mortgage workplaces where the company provides great benefits and initiatives and the employees give the culture high-marks will win the award.

“It all comes down to our workplace culture,” says chief strategy officer, Cassidy O’Sullivan, of the win. “Instead of a top-down approach of management talking down to employees, we have an open dialogue. Loan officers can talk directly to upper management. It’s a win-win. Loan officers feel heard and management gets a pulse on what’s going on in the local markets.”

MPA uncovers the absolute best workplaces in mortgage for the annual Top Mortgage Employer report. All companies, from large national mortgage brokerages to local regional agencies, are encouraged to submit their application for the award. Winners are recognized based on the evaluation of metrics including their culture, benefits, employee development, and more – solidifying their standing as a mortgage employer of choice.

Over the past two years, Mann Mortgage has been ranked a best place to work by multiple national and regional organizations including #12 Best Place to Work by Outside magazine, #1 Top Workplace in Montana, a Top Workplace in the USA, a Top Workplace in Oregon, as well as numerous other awards.

For more information about joining the Mann Mortgage team visit our careers page.

Mann Mortgage receives two more workplace and mortgage awards

Mann Mortgage announced today they have been named the #1 Top Workplace in Montana for large companies by Lee Enterprises. This comes weeks after they were named one of the country’s Top Mortgage Lenders by Scotsman Guide.

These awards mark the fifth and sixth distinction for the company in 2021. Mann Mortgage was recently named a national Top Workplace of 2021 by Energage, one of the 10 Best Financial Lenders of 2021 by Industry Era, a Flathead Employer of Choice, and a Top Mortgage Workplace by Mortgage Professional America.

“I’m blown away by what our people at Mann Mortgage are able to accomplish. We’re helping thousands of people in our communities buy, build, and refinance homes – and we’re having fun doing it!” says Jason Mann, CEO of Mann Mortgage. “Our culture is all about working together to help more Americans own homes. Everyone at Mann is valued for their contribution towards our goal. And it’s really rewarding to keep being recognized for how well we’re doing it.”

Lee Enterprises offers a Top Workplace recognition for companies based in Montana. Of the 758 companies invited to participate, 21 were given an award. Winners were chosen based solely on employee feedback gathered through an anonymous engagement survey. The questions covered the company’s values, innovation, direction, meaningfulness, interdepartmental cooperation, and more. In addition to being ranked the #1 overall Top Workplace in Montana, Mann Mortgage won two additional distinctions for their values and direction.

Scotsman Guide annually ranks mortgage lenders across the country to identify those companies who were most successful at offering home mortgages, refinances, and other types of loans. This year, 100 companies made this year’s list of Top Mortgage Lenders, and Mann Mortgage is proud to have made the cut.

Mann Mortgage has 10 locations in Montana, branches spread across the country, and many remote work opportunities. See the current openings at mannmortgage.com/careers.

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