Increased 203k loan limits for 2023

SF Bay Area benefit greatly for Increased 203k loan limits for 2023

Single family loan amount is $1,089,300 when you adjust to include the 3.5% down payment that is a home in the range of $1,128,808. 

Duplex loan limit is $1,394,775 and when adjusted to include the 3.5% down payment comes to $1,445,362.

Triplex loan limits is $1,685,850 and when adjust to include the 3.5% down payment comes to $1,746,994.

Lastly a fourplex loan limit for 2023 is $2,095,200 and adjusted for the 3.5% down payment comes to $2,171,191.

That isn't to say you can't put more down. So you want to purchase a fourplex in San Francisco as an example and they are asking $2,500,000, your client merely needs to come up with $328,909 which in San Francisco isn't that much to ask. 

Remember some unique aspects of the FHA 203k is that the building can be most anything prior to the construction as long as it is more than 12 months old. So you find an older single family home zoned for more units, use the 203k to add on and get the loan based on it's future configuration. 

These rates also apply to all high cost counties such as Santa Clara, Contra Costa, Alameda, Los Angeles, and Orange counties, while San Diego, Ventura, and Napa Counties are very close to these limits.

Downtown 1-1-2023