The Federal Housing Financing Agency has recently announced that the new conforming loan limit for 2023 is $726,200 for most areas for single-unit properties! This is an 11% increase from last years $647,200 loan limit. This will be the seventh year that the Federal Financing Agency increased the conforming loan limit.
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Borrowers looking to purchase a house in the coming year can now borrow almost $730k from a lender, making conventional loans more accessible.
This also means that homeowners whose loans were once considered “JUMBO,” or above the previous conforming loan limit, can now refinance their mortgage to obtain a lower rate and possibly even qualify to eliminate their mortgage insurance.
To read the Federal Housing Finance Agency’s announcement, click here.
Effective immediately, Home Loans Today Conventional Conforming products will be updated to align with the new conforming loan limits.
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Home Loans Today is a leader in helping home buyers with fast and simple loans. We’re dedicated to exceptional customer service and are always available when you need us most, even at night and on the weekend. We’ll help you navigate your new home purchase, and keep you updated along the way with weekly check ins, so you know you’re taken care of. That’s one of the many reasons why 95% of our clients would recommend us to their friends and family.
Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At Home Loans Today, we’re dedicated to helping home buyers finance their dream home.
All information presented is for educational purposes only and not intended as financial advice.
