Home > Blog > 2023 increased loan limits means more buying power for homebuyers
2023 increased loan limits means more buying power for homebuyers
Posted: January, 16, 2023 | Categories:
What better way to start off the New Year than buying a new home? There is good news for homebuyers with the increase in mortgage lending limits, giving homebuyers more buying power. Both the Federal Housing Finance Agency (FHFA) and the Federal Housing Authority (FHA) have increased their loan limits for 2023.
The Federal Housing Finance Agency (FHFA) has announced increased loan limits for 2023, increasing the conforming loan limit from $647,200 to $726,200. This means that homebuyers can borrow up to $726,200 without paying the higher rates required by jumbo loans which is a type of financing that exceeds the limits set by the FHFA. Now, homebuyers can extend their home-buying options with lower payments.
And there’s more good news for homebuyers unable to make a large down payment. The Federal Housing Authority (FHA) increased loan limits to $472,030 in the Central Valley. This higher loan limit will help many first-time homebuyers enter the housing market and expand homebuyers’ purchasing power. FHA loans are a type of government insured mortgage designed for borrowers unable to make a large down payment.
These recent lending increases have created new opportunities for homebuyers. Take advantage of these improved lending conditions, by finding the right home. Start your shopping at McCaffrey Homes today. We have floor plans and pricing to fit your family and budget.
Contact our loan specialists at McCaffrey Home Mortgage who can help you secure the home of your dreams. Just give us a call at (559) 256-7050.
Our Poppy collection at Tesoro Viejo offers homes that are FHA eligible.
Conforming loan limits have increased to $726,200 in California’s Central Valley giving buyers at our Ivy neighborhood more buying power.