2023 Conforming Loan Limits

For the seventh consecutive year, loan limits have been increased for conforming loans. This is great news for home buyers looking to take advantage of low-down payment options, appraisal waivers and cost saving mortgage programs. 

What is happening?

The Federal Housing Finance Agency (FHFA) announced an increase of maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac.  Premia Relocation Mortgage is already accepting the 2023 loan limits. The maximum amount for a conforming loan is now $726,200 for a single-family unit (previously $647,200). This increase follows the national increase in average sales price for single family homes which is determined by the FHFA House Price Index.

Is this applied to every housing market the same?

No. Changes vary by market, especially in high-cost areas. The new conforming loan limit for one-unit properties in most high-cost areas will be $1,073,000 (formerly $970,800). Please speak with one of our mortgage consultants to check if your county is considered a high-cost area.

Why is this important?

More borrowers will be able to take advantage of lower costs and flexible financing. Previously, borrowers looking to finance a $1,100,000 home may have needed a jumbo loan and missed these benefits.

Call us to start your application today!