The Federal Housing Financing Agency has recently announced that the new conforming loan limit for 2023 is $726,200 for most areas for single-unit properties! This is an 11% increase from last years $647,200 loan limit. This will be the seventh year that the Federal Financing Agency increased the conforming loan limit.
Borrowers looking to purchase a house in the coming year can now borrow almost $730k from a lender, making conventional loans more accessible.
This also means that homeowners whose loans were once considered “JUMBO,” or above the previous conforming loan limit, can now refinance their mortgage to obtain a lower rate and possibly even qualify to eliminate their mortgage insurance.
To read the Federal Housing Finance Agency’s announcement, click here.
Effective immediately, Liberty Home Loans’ Conventional Conforming products will be updated to align with the new conforming loan limits.
Why Liberty Home Loans?
At Liberty Home Loans we are more than just mortgage providers – we are dedicated partners committed to empowering our customers with the freedom to achieve their dreams of homeownership. As a dynamic joint venture between Liberty Communities and FBC Mortgage, we create a seamless and transparent mortgage experience, ensuring that the process of building your home is efficient, stress-free, and tailored to you. Through our exceptional service, extensive industry knowledge, and a collaborative approach, we aim to make a positive and lasting impact on the communities we serve.
All information presented is for educational purposes only and not intended as financial advice.
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