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Derek Bissen, November 30 2022

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.  

(EDIT: 11/28/2023 - THE NEW LOAN AMOUNT HAS BEEN INCREASED TO $766,550) This year, the max loan amount has increased from $726,200 up to $766,550.  That’s a difference of $40,350, which is a 5.5% increase over the previous year 2023.  

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 2024

CONVENTIONAL – MOST AREAS OF FLORIDA

FHA – MOST AREAS OF FLORIDA

FHA LOAN LIMITS ARE INCREASING TOO.

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 - 2024

CONVENTIONAL MAXIMUM LOAN SIZES: 

MONROE COUNTY, FL (FLORIDA KEYS)

FHA MAXIMUM LOAN SIZES: 

MONROE COUNTY, FL (FLORIDA KEYS)

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


​About the Author: 

Derek Bissen is a licensed Mortgage Loan Originator with over 25 years of experience in the industry. Derek is a self-employed lending expert who is known for his ability to work with borrowers who have substantial wealth and non-traditional lending needs. He is a creative loan structurer and specializes in portfolio lending, asset-based lending, bank statement lending, as well as traditional loans such as Conventional, FHA, VA, and first-time homebuyers.

Derek's expertise in the mortgage industry is unparalleled. He is a trusted advisor to his clients, providing them with customized loan solutions that meet their unique financial goals and needs. His vast experience and knowledge make him a valuable asset to anyone looking to purchase a home or refinance their existing mortgage.

As a highly-experienced loan originator and author, Derek is committed to sharing his knowledge with others. He regularly provides valuable insights and advice to readers looking to navigate the complex world of mortgage lending. His articles are informative, engaging, and backed by years of hands-on experience.

With his wealth of knowledge and dedication to his clients, he is the go-to source for all your mortgage lending needs. If you're looking for a reliable and trustworthy mortgage expert, contact Derek today to learn more about how he can help you achieve your financial goals.

Written by

Derek Bissen

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