FHFA Raises Conforming Loan Limits on GSE Mortgages

On November 29, the Federal Housing Finance Agency (FHFA) announced it will increase the conforming loan limit values for mortgages backed by Fannie Mae and Freddie Mac in 2023 to reflect the rapid appreciation in home prices over the past few years. For most of the country, the maximum conforming loan limit for one-unit properties will be $726,200 in 2023 from $647,200 in 2022. For designated high-cost areas the new ceiling loan limit for one-unit properties in will be set at $1,089,300, representing the first time ever that the federal government through the GSEs will back mortgages over $1 million.

Read more.