2023 Conforming Loan Limit Increases
FHFA formally announced new loan limits for 2023: If homeownership is at the top of your 2023 goals, this is terrific news!
To keep pace with home price inflation, the Federal Housing Administration (FHA) has raised its conforming lending limits, giving borrowers access to more money and a wider range of homes.
The new conforming loan limit is now in the amount of $726,200 – that’s a 79k increase from 2022. For high-cost areas, the loan amount has been upped to over $1 million!
If you are a first-time homebuyer, the FHA loan limit increase is especially good news. FHA loans require lower down payments and accept lower credit scores to receive funding — super helpful for those beginning their homeownership journey. Of course, not every borrower may qualify for the max loan amount yet the new increase affords many more opportunities.
If you want to learn more about FHA or need help choosing the best loan product for you, get in touch! Our mortgage experts are on hand to help you make the best decisions to get into your home this coming year.