The 2023 maximum conforming loan limit for one-unit properties will be $726,200, an increase from $647,200 in 2022.
The Federal Housing Finance Agency (FHFA) announced the maximum conforming loan limits for conventional conforming loans to be acquired by Fannie Mae and Freddie Mac in 2023. In most of the nation, the 2023 maximum conforming loan limit for one-unit properties will be $726,200, an increase from $647,200 in 2022 — the second largest increase in history. According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 12.21%, on average, between the third quarters of 2021 and 2022.
Therefore, the baseline maximum conforming loan limit in 2023 will increase by the same percentage as required by the Housing and Economic Recovery Act (HERA). For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the maximum loan limit will be higher than the baseline loan limit. The new ceiling loan limit for one-unit properties in most high-cost areas will be $1,089,300 — or 150 percent of $726,200. As a result of generally rising home values, the increase in the baseline loan limit and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2023 in all but two counties or county equivalents in the U.S. For a map showing the 2023 maximum loan limits across the U.S. click here.
Source: FHFA