2023 Loan Limit UpdatesAs home prices have increased throughout the country, loan limits increased as well. Both the Federal Housing Agency (FHA) and the Federal Housing Finance Agency (FHFA) announced new loan limits in late 2022.
Here are the changes:
New FHFA Conforming Loan Limits:
The FHFA’s floor and ceiling loan limits will see a 12.21% increase in 2023.
- The maximum base conforming loan limit for single-unit properties is $726,200, an increase from 2022’s limit of $647,200.
- The high-cost area maximum limit for single-unit properties is $1,089,300, an increase from 2022’s limit of $970,800.
New FHA Loan Limits:
The FHA’s floor and ceiling loan limits will see a 12.21% increase in 2023.
- The new floor (limit for low-cost areas) FHA limit is $472,030, an increase from last year’s base limit of $420,680.
- The new ceiling (limit for high-cost areas) FHA limit is $1,089,300, an increase from last year’s ceiling limit of $970,800.
The information contained herein (including but not limited to any description of lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. This is not a commitment to lend.
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