Great news for homebuyers purchasing higher costs homes this year, the Conforming loan limits were just increased for 2023! The old limit was set to $647,200 and the new limits have increased to $726,200. This applies to single (1) unit properties in regular “non” high costs locations.
Some high-cost locations in Hawaii, California, New York, etc have even higher Conforming loan limits all the way up to $1,089,300. Please see the county by county loan limit list here. Again, the mortgage limits listed above apply to single (1) unit properties. However, multi-unit properties like Duplex, Triplex, etc come with even higher limits.
Maximum Baseline Loan Amount for 2023
|Units||Most Locations||Select High-Cost Locations|
Why is this all good news? Because this will prevent some borrowers purchasing more expensive homes from having to opt for a Jumbo loan. Jumbo mortgages are typically more costly in relation to interest rates, etc. Conventional mortgages will also allow lower down payments in most cases. 2023 marks the seventh year in a row the loan limits have increased.
The new loan limits apply to both purchase and refinance transactions. Homebuyers who have questions can contact Coast 2 Coast Lending 7 days a week at the number above, or just submit the Quick Request Form at the top of this page.