2023 FHFA and FHA Loan Limit Changes
Both the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) will have increased maximum loan limits for 2022.
2023 FHFA Loan Limits
On the conforming side (FHFA), in 2016 the loan limit for one-unit properties was $417,000. In 2017 this increased to $424,100, in 2018 the limit increased to $453,100, and in 2019 the limit increased to $484,350. The conforming loan limit was increased to $510,400 in 2020, $548,250 in 2021, and further increased to $647,200 in 2022.
In 2023, the one-unit conforming loan limit has been increased to $726,200. This increase will take place throughout most of the United States.
2023 FHA Loan Limits
As of January 1, 2023, the FHA will increase its floor for one unit properties to $472,030 – up significantly from its limit of $420,680 in 2022. For other types of properties, the 2023 FHA loan limits are as follows:
- Two-unit: $604,400 (up from $538,650 in 2022)
- Three-unit: $730,525 (up from $651,050 in 2022)
- Four-unit: $907,900 (up from $809,150 in 2022)
Keep in mind, however, that this increase is county-specific with FHA. The limits mentioned above are for low-cost areas. The limits for high cost areas of the country will increase in 2023 as well, to the following limits:
- One-unit: $1,089,300 (up from $970,800 in 2022)
- Two-unit: $1,394,775 (up from $1,243,050 in 2022)
- Three-unit: $1,685,850 (up from $1,502,475 in 2022)
- Four-unit: $2,095,200 (up from $1,867,275 in 2022)
Below are some of the county changes for Single Family Residential Units:
Albany, Schenectady, Troy
FHA 2023 Limit: $472,030
FHA 2022 Limit: $420,680
FHA 2021 Limit: $356,362
FHA 2020 Limit: $331,760
FHA 2019 Limit: $315,100
FHA 2018 Limit: $303,600
FHA 2017 Limit: $292,100
Saratoga County
FHA 2023 Limit: $472,030
FHA 2022 Limit: $420,680
FHA 2021 Limit: $356,362
FHA 2020 Limit: $331,760
FHA 2019 Limit: $315,100
FHA 2018 Limit: $303,600
FHA 2017 Limit: $292,100
Fulton/Montgomery County
FHA 2023 Limit: $472,030
FHA 2022 Limit: $420,680
FHA 2021 Limit: $356,362
FHA 2020 Limit: $331,760
FHA 2019 Limit: $314,827
FHA 2018 Limit: $294,515
FHA 2017 Limit: $275,665
Warren/Washington County
FHA 2023 Limit: $472,030
FHA 2022 Limit: $420,680
FHA 2021 Limit: $356,362
FHA 2020 Limit: $331,760
FHA 2019 Limit: $314,827
FHA 2018 Limit: $294,515
FHA 2017 Limit: $275,665
Rockland County
FHA 2023 Limit: $1,089,300
FHA 2022 Limit: $970,800
FHA 2021 Limit: $822,375
FHA 2020 Limit: $765,600
FHA 2019 Limit: $726,525
FHA 2018 Limit: $679,650
FHA 2017 Limit: $636,150
The figures above are the maximum loan values for each county. This is not the maximum sales price. For example, if the sales price is over $472,030 (for 2023), as long as the loan amount is less than the maximum, you are within guidelines. Sales price is not to be confused for maximum loan limits. The upfront mortgage insurance that gets rolled into the FHA loan also does not count towards the maximum value.
Hoping to Buy a Home in 2023? Find Out What These Changes Mean For You
The FHFA and FHA loan limits represent the maximum loan amount you can obtain via the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA). As these limits change, the amount you may be able to borrow if you choose one of these loan types changes as well.
Wondering how these FHFA and FHA loan limit changes will impact you as a home buyer in New York State during 2023? Give us a call today at 518-782-1202 to find out what kind of impact these adjustments will have based on your specific situation.
Interested in learning more about FHA mortgage options in New York? You can find more details about FHA loans here. Feel free to contact us to discuss if an FHA loan might be the best loan type for you.
Curious about which mortgage options might be right for you? Reach out to us at 518-782-1202 or via our online contact form to get the conversation started. We’d be happy to help you find the home loan that suits you best.
Note: This content has been updated as of December 14, 2022.