Conforming Loan Limit Increase for 2023

Conforming Loan Limit Increase for 2023

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.

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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, Jet HomeLoans Conventional Conforming products will be updated to align with the new conforming loan limits. 

If you’re ready to own a home, visit our Purchase Page to learn more, or Contact Us today. We’re here to help you get started.

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Why Jet HomeLoans?

At Jet HomeLoans we understand that buying a home is an important, life-changing event. That’s why we’re here to help make your dreams of homeownership a reality. We’re focused on providing you with the highest quality customer service and loan expertise. From our first conversation, to the first steps you take into your new home (and beyond), we’re here for you. We’ll listen to your needs and provide you with a wealth of resources to make the home loan process simple and stress-free.

We offer a vast selection of loan programs, easy-to-use tools, and friendly and personalized service to ensure a convenient and stress-free home loan journey. Clear and constant communication and timely status updates will keep you informed and reassured throughout the entire home loan process. So, if you’re ready to invest in your future, let Jet HomeLoans help you land the home of your dreams.

All information presented is for educational purposes only and not intended as financial advice.