December 02, 2022

Bulletin 2022-090 2023 Conforming Loan Limits

2023 Conforming Loan Limits

Newrez LLC "Newrez" Approved Correspondent Clients; The Federal Housing Finance Agency (FHFA) has announced the 2023 conforming and high-cost loan limits.

The following table contains the baseline (also known as “general”) loan limits for 2023.

 

2023 Baseline Loan Limits

Units

Contiguous States, District of Columbia, and Puerto Rico

Alaska, Guam, Hawaii, and U.S. Virgin Islands

1

$726,200

$1,089,300

2

$929,850

$1,394,775

3

$1,123,900

$1,685,850

4

$1,396,800

$2,095,200

 

2023 High-Cost Area Loan Limits*

Units

Contiguous States, District of Columbia, and Puerto Rico

Alaska, Guam, Hawaii, and U.S. Virgin Islands

1

$1,089,300

Not Applicable

2

$1,394,775

3

$1,685,850

4

$2,095,200


* Several states (including Alaska and Hawaii), Guam, Puerto Rico, and the U.S. Virgin Islands do not have any high-cost areas in 2023.

 

As a reminder, actual loan limits for certain high-cost areas, as determined by FHFA, may be lower than the maximum high-cost area limit. When originating High-Balance or Super Conforming mortgages, you must check the loan limits for the specific county where the property is located. There are no high-cost areas in Alaska and Hawaii.

 

Please note that the loan limit changes are for conforming loans only. Changes to FHA and VA loan limits will be announced in a separate communication.

 

Fannie Mae’s Desktop Underwriter

 

The 2023 loan limits will be applied to Desktop Underwriter (DU) loan submitted (or resubmitted) on or after the weekend of December 3, 2022. Loans that are underwritten through DU prior to December 3, that receive an Ineligible recommendation due only to exceeding the 2022 loan limit are allowed. The loan does not have to be resubmitted to DU if the loan amount complies with the applicable 2023 conforming loan limit. However, you may want to resubmit after the new loan limits are implemented in DU to potentially obtain more streamlined collateral valuation options.

 

Freddie Mac Loan Product Advisor

 

The 2023 loan limits will be applied to Loan Product Advisor (LPA) loan submitted (or resubmitted) on or after December 5, 2022. Loans that are underwritten through LPA prior to December 5 that receive an Ineligible recommendation due only to exceeding the 2022 loan limit are allowed. The loan does not have to be resubmitted to LPA if the loan amount complies with the applicable 2023 conforming loan limit. However, you may want to resubmit after the new loan limits are implemented in LPA to potentially obtain more streamlined collateral valuation options.

 

Effective Date


Effective Immediately 

 

Resources