New Conventional and FHA Loan Size Limits for 2023

Each year, The Federal Housing Finance Administration (FHFA) convenes to discuss the status of growth of the Real estate market over the most recent year. And if sales prices have increased, then they make adjustments to the maximum loan amounts for Conventional mortgages. This is done to ensure that Conventional mortgage loan programs are keeping up with the current cost of housing and that the average homebuyer is able to secure traditional financing.  

This year, they increased the max loan amount from $647,200 up to $726,200.  That’s a difference of $79,000, which is a 12% increase over the previous year.  

So even though interest rates are higher over the previous year, the real estate market in general—especially here in Florida—is still doing well.  Property values are still up, but the overall pace of appreciation has slowed.  Homes are taking a little longer to sell; but home buyers are getting less competition from smaller investors--and they no longer faced with the stress of the "blink-and-you'll-miss-it" buying frenzy of 2021. 

NEW LOAN LIMITS FOR 2023

CONVENTIONAL – MOST AREAS OF FLORIDA

• 1 UNIT - $726,200
• 2 UNITS   $929,850
• 3 UNITS   $1,123,900
• 4 UNITS $1,396,800

FHA – MOST AREAS OF FLORIDA

FHA LOAN LIMITS ARE INCREASING TOO.

• 1 UNIT    -  $472,0302
• 2 UNITS  - $604,402
• 3 UNITS  - $730,535
• 4 UNITS  - $907,920

WHAT DOES THIS MEAN TO YOU?

It means that you can buy a single family home up to $748,650 with as little as 3% down using a Conventional loan; Or if you’re using FHA financing, you can buy a single family home up to $489,150 with a down payment only 3.5%. 

There are exceptions to these numbers in specific areas across the country called “high-cost” areas. 

Here in Florida, we have ONE such area, which is Monroe County (the Florida Keys). 

HIGH-COST AREA IN FLORIDA: MONROE COUNTY / THE FLORIDA KEYS

CONVENTIONAL MAXIMUM LOAN SIZES: 

MONROE COUNTY, FL (FLORIDA KEYS)

• 1 UNIT     -  $874,000
• 2  UNITS  - $1,118,900
• 4 UNITS  - $1,352,450
• 4 UNITS  - $1,680,800 

FHA MAXIMUM LOAN SIZES: 

MONROE COUNTY, FL (FLORIDA KEYS)

• 1 UNIT   -   $568,100
• 2 UNITS  - $727,285
• 3 UNITS  - $879,052
• 4 UNITS  - $1,092,520  

If you’re going bigger than these amounts, we have all sorts of larger JUMBO loan options, including our portfolio loans, asset-based mortgages, combo loans, bank statement loans, 1099 loans and profit and loss loans up to $3MM.

As always, if you’re looking to purchase, refinance or get preapproved to purchase a home anywhere in the state of Florida, we’d love to help.  Simply give us a call so we run some numbers for you and answer all your questions! 

You can also drop us a line HERE »

Yours in successful homeownership,

Derek Bissen
Loan Originator
NMLS#365627
Unconventional Lending Program Director