Hot Off The Press!!!
It’s official! The conforming loan limit for 2023 will be $726,200, which is $79,000 higher than 2022. The ceiling for one-unit properties in high-cost areas will be $1,089,300 in 2023. This marks the first time the government will officially be in the market for mortgages above $1 million!!!
Good evening George,
This is indeed good news to share. Our prices have gone up so much higher this will really help. Did you ever think the government would be in the business of handling mortgages over a $1 million????
Roy Kelley
Gaithersburg, MD
Wow! George, thanks for the update. Now some homework for me to do to see what the numbers will be in Santa Fe NM.
Thanks for the mortgage update, George. It certainly is a reflection of prices in my area, and others!
Jeff
Thanks for sharing this information. These limits also apply to reverse mortgages too, doesn't it?
Good morning George. Change is not necessarily a bad thing. In fact, sometimes what sounds bad is actually good. Enjoy your day.
Thanks for the update, George. It seems like only yesterday that the conforming loan limit was just over $500,000.
It's crazy to see how high prices of everything have gone up recently, the world is becoming unaffordable, haha.
I can remember when, in a group meeting, an agent was talking about her new listing and said, "Can you believe the homes in the area where this home is are listing for $300,000?!"
That is now a $1,000,000+ neighborhood!
Fannie Mae and Freddie Mac are guided by home values for the establishment of their loan limits. Will the growth ever stop?
That's important news, George. That limit is substantially above what it was when I first began selling real estate in 1981.
George Souto ,
Good news for high end houses.
Roy Kelley
Gaithersburg, MD
Hope this helps the real estate industry, George, time will tell. Thanks for sharing this new news!
George Souto - I appreciate hearing the good news hot off the press. Cheers to better days ahead!!!
Thankful for Mortgage Lenders like YOU!
Thank you for this post! This a great example of how a mortgage professional should always be up to date and keep other professionals up to date in an industry that is constantly changing.
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