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   New 2023 conforming loan limits won’t be released until November … but we’re honoring them now for conventional loans locked, starting today, so your clients can get into a more expensive home without having to go through the Jumbo loan process. 


       

NEW CONFORMING LOAN LIMITS 

  • $715,000 for regular one-unit conventional loans (increased from $647,200)

  • $916,000 for 2-unit conventional loans (increased from $828,701)

  • $1,107,000 for 3-unit conventional loans (increased from $1,001,651)

  • $1,376,000 for 4-unit conventional loans (increased from $1,244,851)

What is a conforming loan?

Per the Consumer Financial Protection Bureau (CFPB), a conforming loan must meet specific criteria that allow Freddie Mac and Fannie Mae to purchase the loan. The mortgage giants pay the most attention to the loan limit, which alludes to the maximum loan amount they will buy. These limits often change from one year to the next to account for the latest market changes.

 

Conforming loans remain an attractive option for buyers because they usually offer a lower interest rate than a non-conforming loan. Unlike conforming loans, a non-conforming loan can’t be purchased by Fannie or Freddie. There’s a good chance you’ll explore this type of loan if you’re hoping to buy a more expensive house and need to apply for a jumbo loan.

The Reason for the in increase in loan limits

Each year the Federal Housing Finance Agency (FHFA) increases or decreases the conforming loan limits, so they are in line with home prices. Changes are based on October-to-October home price movement and go into effect the following January.

What buyers need to know

Homeownership is within reach thanks to the increase in conforming loan limits. The bottom line: it’s easier to qualify for more home without requiring a non-conforming jumbo loan.

Rates remain competitive, so be sure to start the mortgage pre-approval process soon. Your lender can provide a pre-approval letter that tells you how much home you can afford.

What borrowers need to know

The loan limit increases don’t just benefit home buyers; they help homeowners, too. You can now access more equity, which means more cash in hand when you choose a cash-out refinance. Those funds can be used to pay off debt, finance home improvements, or even pay for a child or family member’s college tuition. It’s your choice! Depending on your lender, you may also be able to refinance without resetting your loan term — creating even greater long-term savings.

  • 30, 25, 20, 15, and 10-Year Fixed 

  • Primary, 2nd Home, or Investment

  • 620 Minimum FICO Score (Required)

  • Lowest Rate program (Bank Rates)

  • Purchase, Refinance and Cash Out Refinance 

  • Warrantable Condos Only

  • Single Family, Condo, Townhouses or Multi-family (2-4 units)

  • Escrow Waivers above 80% LTV

  • We accept other lenders appraisals

  • 95% Loan to Value on all programs

  • 97% Loan to Value allowed - Income Restricted

  • Low Private Mortgage Insurance Options

  • No Escrows above 80%

  • Full Income Verification Required (Paystubs, W2's, and or Tax Returns)

  • First Time Homebuyer Programs

  • Quick closings! 2 weeks on average​

 CONVENTIONAL PROGRAM HIGHLIGHTS


       

CONVENTIONAL COMBO PROGRAM


       

  • Fixed 2nds/HELOCs up to $500,000

  • Automatically approved with the first mortgage  

  • 10% Down up to $1,215,000 (1st + 2nd)

  • No Private mortgage insurance or escrows are required

  • Limited Reviews on condos allowed with 10% Down

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