The Federal Housing Financing Agency has recently announced that the new conforming loan limit for 2023 is $726,200 for most areas for single-unit properties! This is an 11% increase from last years $647,200 loan limit. This will be the seventh year that the Federal Financing Agency increased the conforming loan limit.
Borrowers looking to purchase a house in the coming year can now borrow almost $730k from a lender, making conventional loans more accessible.
This also means that homeowners whose loans were once considered “JUMBO,” or above the previous conforming loan limit, can now refinance their mortgage to obtain a lower rate and possibly even qualify to eliminate their mortgage insurance.
To read the Federal Housing Finance Agency’s announcement, click here.
Effective immediately, MHC Mortgage Conventional Conforming products will be updated to align with the new conforming loan limits.
Why MHC Mortgage, LLC?
At MHC Mortgage, LLC we believe that the dream of homeownership can be a reality. Our mission is to offer a more focused, customer-oriented home-buying experience. From pre-approval to closing day, we’ll provide the tools and resources to make the home loan process simple and stress-free. As a joint venture with FBC Mortgage, LLC and My Home Communities, we are able to deliver our clients personalized, local service with the support and stability of an established national lender.
Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At MHC Mortgage, LLC, we’re dedicated to helping you finance your dream home.
All information presented is for educational purposes only and not intended as financial advice.
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