Conventional Refinance Rates, 2022 Limits and Guidelines

Conventional refinances are getting more and more popular with home values increasing across the country.

With a conventional refinance you can:

  • Refinance a primary residence, second home or investment property
  • Take out cash from your home’s equity
  • Eliminate private mortgage insurance (PMI)
  • Get rid of an FHA loan with Monthly mortgage insurance
  • Reset or shorten the term of your loan

Conventional refinance rates are lower and have no upfront or monthly mortgage insurance fees if you have 20% equity or more in your home. You can also refinance into a conventional loan with less than 80% equity if you pay monthly mortgage insurance or use a lender paid mortgage insurance option.

What is a Conventional Loan Refinance?

Conventional mortgages are typically backed by government controlled agencies like Fannie Mae and Freddie Mac. These companies purchase loans that conform to certain standards that they require, which is why they are also called conforming loans, because they conform to those Fannie and Freddie Rules

Since these loans are backed by these agencies, banks can lend at lower rates on these Fannie Mae and Freddie Mac Eligible loans.

Conventional refinance rates are determined by a lot of different factors like credit score, loan-to-value, and what type of property you have. if you would like to find out what today’s conventional rate is based on your exact situation, you can find out here:

2022 Conventional Loan Limits

The standard loan limit in 2022 is $647,200 anywhere in the country, but Fannie Mae and Freddie Mac allow higher limits in high cost areas by county up to $970,800 in some counties.

Loan Limits by County

You should check and see what the limit is in your area before you look into getting a jumbo loan.

If you would like more information about loan limits in your specific area please contact one of our Conventional Mortgage experts

Conforming Loan Limit Table by County

Alabama
All areas$647,200
Alaska
Aleutians East$970,800
Aleutians West$970,800
Anchorage$970,800
Bethel$970,800
Bristol Bay$970,800
Denali$970,800
Dillingham$970,800
Fairbanks North Star$970,800
Haines$970,800
Hoonah Angoon$970,800
Juneau$970,800
Kenai Peninsula$970,800
Ketchikan Gateway$970,800
Kodiak Island$970,800
Kusilvak$970,800
Lake And Peninsula$970,800
Matanuska Susitna$970,800
Nome$970,800
North Slope$970,800
Northwest Arctic$970,800
Petersburg$970,800
Prince Of Wales Hyder$970,800
Sitka$970,800
Skagway$970,800
Southeast Fairbanks$970,800
Valdez Cordova$970,800
Wrangell$970,800
Yakutat$970,800
Yukon Koyukuk$970,800
All other areas$647,200
Arizona
All areas$647,200
Arkansas
All areas$647,200
California
Alameda$970,800
Contra Costa$970,800
El Dorado$675,050
Los Angeles$970,800
Marin$970,800
Monterey$854,450
Napa$897,000
Orange$970,800
Placer$675,050
Sacramento$675,050
San Benito$970,800
San Diego$879,750
San Francisco$970,800
San Luis Obispo$805,000
San Mateo$970,800
Santa Barbara$783,150
Santa Clara$970,800
Santa Cruz$970,800
Sonoma$764,750
Ventura$851,000
Yolo$675,050
All other areas$647,200
Colorado
Adams$684,250
Arapahoe$684,250
Boulder$747,500
Broomfield$684,250
Clear Creek$684,250
Denver$684,250
Douglas$684,250
Eagle$862,500
Elbert$684,250
Garfield$856,750
Gilpin$684,250
Jefferson$684,250
Park$684,250
Pitkin$856,750
Routt$678,500
San Miguel$756,700
Summit$822,375
All other areas$647,200
Connecticut
Fairfield$695,750
All other areas$647,200
Delaware
All areas$647,200
Florida
Monroe$710,700
All other areas$647,200
Georgia
All areas$647,200
Hawaii
Hawaii$970,800
Honolulu$970,800
Kalawao$970,800
Kauai$970,800
Maui$970,800
Idaho
Blaine$648,600
Camas$648,600
Teton$970,800
All other areas$647,200
Illinois
All areas$647,200
Indiana
All areas$647,200
Iowa
All areas$647,200
Kansas
All areas$647,200
Kentucky
All areas$647,200
Louisiana
All areas$647,200
Maine
All areas$647,200
Maryland
Calvert$970,800
Charles$970,800
Frederick$970,800
Montgomery$970,800
Prince Georges$970,800
All other areas$647,200
Massachusetts
Dukes$970,800
Essex$770,500
Middlesex$770,500
Nantucket$970,800
Norfolk$770,500
Plymouth$770,500
Suffolk$770,500
All other areas$647,200
Michigan
All areas$647,200
Minnesota
All areas$647,200
Mississippi
All areas$647,200
Missouri
All areas$647,200
Montana
All areas$647,200
Nebraska
All areas$647,200
Nevada
All areas$647,200
New Hampshire
Rockingham$770,500
Strafford$770,500
All other areas$647,200
New Jersey
Bergen$970,800
Essex$970,800
Hudson$970,800
Hunterdon$970,800
Middlesex$970,800
Monmouth$970,800
Morris$970,800
Ocean$970,800
Passaic$970,800
Somerset$970,800
Sussex$970,800
Union$970,800
All other areas$647,200
New Mexico
All areas$647,200
New York
Bronx$970,800
Dutchess$726,525
Kings$970,800
Nassau$970,800
New York$970,800
Orange$726,525
Putnam$970,800
Queens$970,800
Richmond$970,800
Rockland$970,800
Suffolk$970,800
Westchester$970,800
All other areas$647,200
North Carolina
All areas$647,200
North Dakota
All areas$647,200
Ohio
All areas$647,200
Oklahoma
All areas$647,200
Oregon
All areas$647,200
Pennsylvania
Pike$970,800
All other areas$647,200
Rhode Island
All areas$647,200
South Carolina
All areas$647,200
South Dakota
All areas$647,200
Tennessee
Cannon$694,600
Cheatham$694,600
Davidson$694,600
Dickson$694,600
Macon$694,600
Maury$694,600
Robertson$694,600
Rutherford$694,600
Smith$694,600
Sumner$694,600
Trousdale$694,600
Williamson$694,600
Wilson$694,600
All other areas$647,200
Texas
All areas$647,200
Utah
Summit$970,800
Wasatch$970,800
All other areas$647,200
Vermont
All areas$647,200
Virginia
Alexandria City$970,800
Arlington$970,800
Clarke$970,800
Culpeper$970,800
Fairfax$970,800
Fairfax City$970,800
Falls Church City$970,800
Fauquier$970,800
Fredericksburg City$970,800
Loudoun$970,800
Madison$970,800
Manassas City$970,800
Manassas Park City$970,800
Prince William$970,800
Rappahannock$970,800
Spotsylvania$970,800
Stafford$970,800
Warren$970,800
All other areas$647,200
Washington
King$891,250
Pierce$891,250
Snohomish$891,250
All other areas$647,200
West Virginia
Jefferson$970,800
All other areas$647,200
Wisconsin
All areas$647,200
Wyoming
Teton$970,800
All other areas$647,200
District Of Columbia
District Of Columbia$970,800
Guam$970,800
All other areas$647,200
Saint Croix$970,800
Saint John$970,800
Saint Thomas$970,800
All other areas$647,200