I ain’t foolin’!
Even though it seems like there’s been nothin’ but a whole lotta interest rate hikes in 2022, thankfully FHA borrowers, including first-time homebuyers, will see an increase to the FHA loan limit in 2023.
This means that where the one-unit conforming limit was $420,680 in 2022, it will become $472,030 in 2023. That puts a house purchase of nearly $490,000 into range with FHA’s lowest down payment requirement of 3.5%.
And in high-cost (aka high balance) metropolitan statistical areas like much of CA, NY and other housing-expensive counties, you will see the FHA limit go from $970,800 all the way up to $1,089,300. And that means that the maximum purchase price with the minimum down payment approaches $1,129,000 in those counties!
Been a long time!
SVP of Mortgage Lending
Marin Office: 324 Sir Francis Drake Blvd., San Anselmo, CA 94960
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