Conforming Loan Limits to Increase
The Federal Housing Finance Agency (FHFA) will increase conforming loan limits, effective January 1, 2023, by about 12.2%
The FHFA determines the amount of the increases once it has received the third quarter housing sales numbers.
For most counties in the country, the limit will increase from $647,200 to $726,200.
The highest conforming loan limit, which will be available in 99 counties in the country, will be $1,089,300.
Note, these limits are based on home prices and not on interest rates, affordability, wages, inflation and so on.
In Maryland, the high limit of $1,089,300 applies to five counties: Calvert, Charles, Frederick, Montgomery, and Prince George's.
Check with your lender to determine the limits for the area where you are looking to purchase.
If you are considering buying a home, I can help you to find a reputable lender.
Contact Ron Trzcinski of Sachs Realty at 410-935-5844.