Blog > New Chicago 2022 FHA Loan Limits
One of the biggest announcements that all Chicago real estate investors have been waiting for has finally been announced: The update to the FHA loan limits. This announcement impacts retail buyers but is especially important for house hackers (the Bigger Pockets term for owner occupied investors) given that not only did single family go up, but so did two-unit, three-unit, and four-unit properties.
The 2022 FHA loan limits are as follows:
The increase in the limits is fairly in line with increases we have seen in housing prices nationwide. The single-family house price increased by 10.85% which should allow greater access to homes for those with lower income or lower credit. The increase in duplexes represents a 10.88% increase which is absolutely necessary in many parts of Cook County. While we see prices approach this at times in DuPage County and Will County with occasional glimpses of these prices in Lake County, Kane County, and McHenry County, this change will reflect mostly in sold properties in the Chicago neighborhoods. The Triplex price increased by 10.86% which should open up properties in a lot of neighborhoods that investors were being priced out of previously. The Quadplex price went up by 10.87%.
Here at The Axon Group, we are extremely excited by these increases as it will open up a plethora of opportunities for our investors to buy more turnkey properties within the FHA limits or buy larger properties that need some light value-add. These loan limits, in conjunction with all of the low-down payment options our lenders offer, make 2022 an exciting prospect for real estate. With interest rates remaining low, the federal reserve continuing to print money, and the recent HUD announcement regarding loan limits, we look forward to helping even more investors than ever.
Please send any questions/comments to info@theaxongroup.com
Author: Michael Scanlon
Michael Scanlon is a Team Leader at The Axon Group. He has completed nearly 140 deals in the last 18 months helping investors gain financial freedom. He is also an investor himself.