FHFA Increases Conforming Loan Limits Again in 2023
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FHFA Increases Conforming Loan Limits Again in 2023

Yup, we’re back again with another edition of The Federal Housing Finance Agency (FHFA) recently announced a significant increase to conforming loan limits. This is good news for those considering mortgage loans, but what does it really mean? This article will discuss the proposed changes, their implications, and the opportunities they may bring so that you can make an informed decision while pursuing a mortgage loan.
*Want more mortgage insights and info? Check out our other blogs here.
Overview of Recent Loan Limit Changes
The announcement made by the Federal Housing Finance Agency (FHFA) was to raise conforming loan limits (CLL) across most of the United States to $726,200 in 2023. This is a hefty increase from $647,200, which was applied as the CLL value for 2022, and implies progress in economic growth since then. In any case, this provides more opportunities for purchasing power, with home buyers able to work with more significant amounts on current mortgages if necessary.
Higher Cost Areas
It’s important to note that with certain areas exceeding 115% of local median home value beyond baseline conforming loan limits, there are likely higher applicable loan caps than the baseline amount we just mentioned above. If you’re considering purchasing a home in higher-cost areas with hefty price tags on properties (Jumbo loans, anyone?), it’s more critical than ever to get a handle on just how much house you can afford. With these new limits in place, you may need to adjust which types of loans you go after. Speaking of which…
Mortgage Loans: Opportunities Galore!
The increase in conforming loan limits provides more extensive opportunities when it comes to mortgage loans. Homeowners have more scope when determining their maximum purchasing power based on current interest rates, and this also applies to first-time buyers looking to enter property markets. One should consider their long-term finances carefully before taking any mortgages out, but this change certainly opens up a fresh avenue worth exploring!
Here at Mortgages by Maggie, we offer a range of mortgage products to cover our clients’ diverse financial needs. So, even if these changes to the conforming limits aren’t relevant to your situation, we invite you to check out our other loan types while you’re here.
What You Should Do Next
If you were already considering a home purchase in 2023, these changes to conforming loan limits are an excellent step in the right direction to help you access additional financing. Now that you know a bit more about what the limits look like for the foreseeable future (until our next article about the FHFA’s inevitable changes sometime soon), you just need to decide if now feels like the right time to begin the financing process. Start by checking out our mortgage payment estimator here, and then get in touch with Maggie to get pre-approved to see how far your money can take you.
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Maggie Levin Mortgages wants you to make informed decisions while pursuing a mortgage loan and our team is here to assist you along your journey! Get started today by applying for your loan today! Let's get going — you never know what could happen next!
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