This week the Federal Housing Finance Administration (FHFA) announced that the limits for all conforming home loans to be acquired by Fannie Mae and Freddie-Mac (most of the conventional home loans originated) will increase to $726,200 on January 1, 2023. This is an increase of $79,000 for the current loan limit of $647,200.
Also this week, the Federal Housing Administration (FHA) announced that the limits for all FHA loans will increase to between $472,030 and $1,089,300 for single-family homes depending on the area the property is located in. Below are the limits for the low cost mortgage areas as well as high-cost mortgage areas:
Low Cost Area: (The entire state of Missouri falls into this category)
-
- One-unit: $472,030
- Two-unit: $604,400
- Three-unit $730,525
- Four-unit: $907,900
High Cost Area:
-
- One-unit: $1,089,300
- Two-unit: $1,394,775
- Three-unit 1,685,850
- Four-unit: $2,095,200
The Veteran’s Administration, as of 2020, removed the lending limit for veteran’s with full entitlement so there remains no limit on VA loans.
[xyz-ips snippet=”Traci-Everman—FHA-VA-Loan-Specialist”]