How to Rock the 2023 FHA Loan Limits!!!

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.

How to Rock the 2023 Conforming Loan Limits!!!

I ain’t foolin’!

Even though there’s been a whole lotta interest rate hikes in 2022.  And even though there’s been a whole lotta rumbling about home values declining in some areas, the FHFA will again be increasing the conforming loan limits into 2023.

This means that where the one-unit conforming limit was $647,200 in 2022, it will become $726,200 in 2023.

And in high-cost (aka high balance) metropolitan statistical areas like much of CA, NY and other housing-expensive counties, you may see the conforming limit go from $970,800 all the way up to $1,089,300.

Note that FHA and VA loan limits fall outside of this change, so if you need to know the specific loan maximums for any program, in any area, just get in touch!

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.