FHFA and FHA Announce 2023 Nationwide Mortgage Limits

New nationwide loan limits for 2023 have been announced by the Federal Housing Finance Agency (FHFA) and FHA.  The announcements provide the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac, the maximum mortgage limits for FHA-insured single family forward mortgages, and the maximum claim amount for FHA-insured HECMs.

The recent FHFA announcement provides the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2023.  The loan limit for one-unit properties will increase from $647,200 to $726,200, and​ the loan limit for one-unit properties in most high-cost areas will rise from $970,800 to $1,089,300.  A downloadable excel list of the 2023 maximum loan limits for all counties and county-equivalent areas in the U.S. can be found here.

Additionally, a couple days after FHFA’s announcement, FHA issued Mortgagee Letter 2022-20, providing the maximum nationwide mortgage limits for FHA-insured single family Title II forward mortgages.  In 2023, the national conforming limit for one-unit properties will be $726,200.  Note for low cost areas, the loan limit will be $472,030, and, in high cost areas, the loan limit will be $1,089,300.  These loan limits are effective for case numbers assigned on or after January 1, 2023.

On the same day FHA released Mortgagee Letter 2022-20, FHA also issued Mortgagee Letter 2022-21, which provides the 2023 maximum claim amount for FHA-insured HECMs.  Effective for case numbers assigned on or after January 1, 2023, the HECM maximum claim amount for all areas, including Alaska, Hawaii, Guam, and the U.S. Virgin Islands, will be $1,089,300 (150 percent of Freddie Mac’s national conforming limit of $726,200).