Earlier this month, I gave an update on where our market is here in Las Vegas but we have one more update before 2022 hits. 

FHA and conventional loan limits just came out for next year. Both are increasing beginning on January 1st, 2022. 

FHA purchase price has raised to $435,000 and the loan limit is now at $420,680; this would make the down payment around $15,000. This loan limit is awesome because the average Las Vegas sold price is $420,000. 

If you’re buying this month, just make sure you put in the contract that the appraisal won’t be ordered until January 1st, 2022. 

If you’re looking for higher than FHA, the conventional loan limit went up to $647,200, which is quite a jump. 

Talk to your lender now so you can figure out what option is better for you now, so you don’t need to wait until spring to buy!