New 2023 Loan Limits
/Dan Hubrich of Mountain View Mortgage is back to let us know about the new conforming loan limits for 2023.
Hello everyone. I’ve got some exciting news this month. Fannie Mae and Freddie Mac have come out with updated conforming loan limits for 2023. Most of our lenders are honoring these now, however. With rising home prices over the past couple of years, the loan limits have now been raised to $726,200! This means if you are purchasing a new home or refinancing and you can keep the first mortgage balance at that amount or lower, then it is not considered a jumbo loan. Jumbo loans are typically harder to qualify for, and rates and pricing are higher. This is excellent news for consumers and it will save you money! Those numbers are for conventional loans FYI. For FHA and government loans it’s a little different based on each county. Please reach out to me for more information and I hope everybody has a wonderful holiday season!