The Federal Housing Agency (FHA) has just increased the amount of money that can be borrowed through its mortgage programs by more than $51k in most areas. In high cost locations, the increase is even greater. New limits will take effect in 2023.
The increases will allow more borrowers to take advantage of FHA’s benefits:
- Low down payment options
- Lower total cash-to-close requirements with gift or seller contributions
- More lenient and streamlined refinancing
- Ability to combine purchase and rehab financing
- In some high-cost areas, higher loan limits than conventional mortgages
Here are the specifics:
- In most areas, the FHA loan limit will be $472,030, a 12% increase over 2022’s limit of $420,680.
- In high-cost areas, the limit moves to $1,089,300, a 12% increase over 2022’s $970,800.
- In some lower-cost areas or those with higher costs of construction, limits will vary.
Contact your Greenway Mortgage loan officer today for more details about how the increase can impact you.