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!

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.