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In most of the United States, Conforming Loan Limit for one-unit properties for 2023 will be $726,200, an increase of $79,000 from $647,200 in 2022.​ The new high balance loan limit for high cost counties one-unit properties will be $1,089,300, up from $970,800 in 2022. Conforming loans are acquired by and conforms to the guidelines set by Fannie Mae and Freddie Mac.

2023 Conforming Loan Limit

Similarly, FHA’s “floor” and “ceiling” loan limits will increase from $420,680 and $970,800 in 2022 to $472,030 and $1,089,300 in 2023, respectively, for a one-unit property.

2023 FHA Loan Limits

What Does 2023 Conforming Loan Limit Mean for you?

What this means for you is, you can now buy a home of just under $750,000 for only 3% down payment and get a conforming loan in most counties in the country. In some high cost counties like Santa Clara county in California or Middlesex County in New Jersey, you can now buy a home for over $1.1M and still pay only 5% down payment for one-unit homes. One unit home means a single family home, a town home or a condominium. If you’re buying a multi-unit property, you can now get loan amount over $2 million in some high cost counties for a four-unit property.

What Does 2023 FHA Loan Limit Mean for you?

FHA loans are insured by Department of Housing and Urban development (HUD). FHA loans offer down payments as low as 3.5%, credit score as low as 580 (in some cases, even 500) and flexible debt-to-income ratio helping more home buyers qualify especially first time home buyers.

Now, you can buy almost a $490,000 one-unit home in most counties for only 3.5% if you qualify for an FHA loan. For some high cost counties like San Francisco in California or Morris County in New Jersey, you can buy a home exceeding $1.1M in price for only 3.5% down, since the max loan amount in those counties is now $1,089,300.

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