Team Relocations Joins SIRVA

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  3. Team Relocations Joins SIRVA
  4. Conforming Loan Limit Increase for 2022: What it Means for US Transferring Employees

Team Relocations Is Now SIRVA Worldwide Relocation & Moving!

SIRVA as a global leader in moving and relocation services offers unmatched global breadth and innovative technology, complementing Team Relocations’ longstanding reputation for high quality moving and relocation solutions to some of the world’s leading multinational organisations.

Our resources combine the unique talents and expertise of leaders across a broad scope of mobility-related services. This synthesis is a key part of our commitment to provide our clients and their employees with the best moving and relocation experience possible.

By combining Team Relocations with SIRVA, we offer 75 office locations worldwide with over 2900 employees operating in 180+ countries. Customers benefit from our:

  • End to End Service Delivery Model from departure to destination. We will help you with everything including visa and immigration, employee counselling and VIP services. Our relocation specialists are here to help. 
  • Client Advisory Services.We will work with you, according to your specific needs, to achieve more efficient and high-quality relocations. SIRVA offers a multitude of client financial services, from lump sum to expense management, which are designed to help ease the financial burden of relocating your employees. We can assist in compensation and payroll administration, vendor management, intern management programmes, group move management, and management reporting. 
  • Home and Mortgage Services. From home finding to tenancy management, we can help ease the process of moving and help relocating employees have one less thing to worry about.
  • Moving Services. We can help you and your employees get to where they need to be. Whether moving to a new house, a new office or trying to relocate a pet, we have the resources to help make the process go as smoothly as possible for your employees. 
  • Technology Solutions.Our innovative and flexible technology solutions have been developed you and your employees in mind: easy-to-use, intuitive and helps to save time and resources, whilst enhancing reporting capabilities. We continue to invest in order to improve the relocation process for both mobility teams and relocating employees. 

 

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Conforming Loan Limit Increase for 2022: What it Means for US Transferring Employees

  • by Daina Mueller
  • 29 December 2021 08:00:00

*Please note that this is an updated version for 2022. The original blog was posted on 8 January 2021. 

What You Need to Know About the Conforming Loan Limit Increase for 2022

In November of 2021, the US Federal Housing Finance Agency (FHFA) announced That the conforming loan limit for Fannie Mae and Freddie Mac will increase from $548,250 to $647,200 in 2022. This marks the sixth consecutive year of an increase.

What is the Conforming Loan Limit?

The conforming loan limit is the maximum loan amount for one-unit properties that can be guaranteed and purchased by Fannie Mae and Freddie Mac. A loan amount higher than the conforming loan limit is considered a jumbo loan.

How is the Conforming Limit Determined?

The US Housing and Economic Recovery Act of 2008 (HERA) requires that the conforming loan limit be adjusted each year to reflect the change in the national average US home price. According to FHFA, home prices increased 18.05% on average between 2020 and 2021, so the conforming loan limit will increase by the same percentage. This is the largest increase since 2008.  

What Does this Mean for Transferees?

This is good news for organisations with US transferees or assignees who are hoping to purchase a home in the United States. An increase in the conforming loan limit means employees can borrow an additional $98,950 without requiring a jumbo loan, which is typically more difficult to qualify for and requires more documentation than a conforming loan. 

How Does This Affect High-Cost Areas?

A high-cost area is a location in which 115% of the local median home value exceeds the conforming loan limit. In these high-cost areas, the conforming loan limit can go up to a ceiling of $970,800 (150% of $647,200).

In any given year, there are roughly 150-200 counties in the USA that are considered high-cost areas, and many employers need to entice employees to relocate to these locations. Some examples include areas in the vicinity of New York City, the San Francisco Bay Area, as well as Washington D.C. and surrounding counties. The increase of the conforming loan limit may put these areas within reach for some employees through easier-to-obtain financing. 

Whatever the financing needs of your transferees may be, SIRVA Mortgage is here to help. With over 25 years of focus and expertise in relocation mortgage lending, we understand the important role home financing plays in the relocation process. Please visit our mortgage website to learn more, or contact us, at MortgageClientServices@sirva.com.

 

Notice and Disclaimer:

SIRVA Mortgage, Inc. (NMLS Unique Identifier# 2240) is engaged in the business of originating residential mortgage loans. We are licensed or authorised to conduct mortgage loan origination in all 50 US states plus the District of Columbia.  SIRVA Mortgage is not a depository institution and does not act as or represent itself a full service bank.  Reference to the term “mortgage banker” is a common, accepted industry term referring to companies engaged only in the business of making mortgage loans.  Various state laws and regulations and our individual licence in various states refer to us as a mortgage lender, mortgage banker or mortgage broker. For our Privacy Policy and Affiliated business relationships please visit https://mortgage.sirva.com/about/about-sirva-mortgage. Call 800-531-3837 for more information. SIRVA Mortgage, Inc. is licensed by (amongst others): Arizona Licensed Mortgage Banker, Licence #BK-901430; Licensed by the  Department Corporations under the California Residential Mortgage Lending Act, Lender Licence #413-0944; Georgia Residential Mortgage Licensee #6221; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company, Licence # SL.0000368; Massachusetts Mortgage Lender, Licence #ML1341; Licensed by the Mississippi Department of Banking and Consumer Finance, Mississippi Licensed Mortgage Company #369/2009; Missouri Residential Mortgage Licensee; Montana Mortgage Lender Licence #39706, Licensed by the New Hampshire Banking Department; Licensed by the New Jersey Department of Banking and Insurance; New York Licensed Mortgage Banker by the N.Y. State Banking Department; Ohio Mortgage Broker Licence #MB.803887.000; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Texas Mortgage Lender, Licence # 44605; Licensed as a Mortgage Lender by the Virginia State Corporation Commission, licence #MC-310. This is not an offer of credit or an offer to enter an interest rate lock-in agreement nor is this notice of loan approval. Main Office of SIRVA Mortgage, Inc.; 6200 Oak Tree Blvd., Ste 300, Independence, OH  44131; Telephone: 1-800-531-3837.

Contributors:

Cheryl Pfaffenberger, Director, Client Services

 

For more information please see SIRVA’s Blog Disclaimer. 

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