Loan limits for most conventional mortgages are increasing in 2023, and Soar Lending has started accepting loans with the 2023 conventional loan limits early. Eligible borrowers can now get a conventional loan for up to $715,000 in most areas of the country. Alaska and Hawaii have higher limits at $1,073,000.
Applicants for conventional loan offered by Fannie Mae or Freddie Mac don't have to wait. They can take advantage of increased buying power now. The 2023 loan limits for FHA and VA will take affect in the new year.
Conventional Loan Limits
Conventional loan limits for 2023 increased over 10%, reaching $715,000 for 1-unit properties. Limits also increased in high-cost areas, where local median home values exceed 115% of the baseline conventional loan limit. High-cost areas are determined by county, and the ceiling is the limit set for Alaska and Hawaii.
Generally, the conventional loan limits are available for homes with up to four (4) units. The loan limit increases with the number of units.
|Number of Units||Continental U.S.||Alaska & Hawaii|
These limits apply for loans backed by Fannie Mae and Freddie Mac. Applicants with Soar Lending do not need to wait until 2023 to take advantage of the increased loan limits.
What if I Need a Larger Loan Amount?
The conventional loan limits are important because mortgage amounts over these limits are not eligible for the preferred terms offered by Fannie Mae and Freddie Mac. Mortgages with loan amounts higher than the conventional loan limits are jumbo loans. Soar Lending offers several competitive jumbo loan programs.
The increased loan limits for conventional loans means consumers have more buying power. If you're interested in checking out your loan options, you can apply online or call us at 727-310-0955.