12/30/2022
The jumbo loan limit has increased for single family homes to three family homes reducing financing expense, properly adaptive to our region!
Federal Housing Finance Agency Increases Loan Limits in High-Cost Areas to More Than $1 Million
The Federal Housing Finance Agency announced yesterday increases to the conforming loan limit values for mortgages to be acquired by Fannie Mae and Freddie Mac in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.
For high-cost areas in which 115% of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will be higher than the baseline loan limit. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting the ceiling at 150% of the baseline limit. Median home values generally increased in high-cost areas in 2022, which increased their CLL. The new ceiling loan limit for one-unit properties will be $1,089,300, which is 150% of $726,200.
Most of the market area of the Hudson Gateway Association of Realtors is considered high-cost. The following are the new conforming loan limit values in the region: Bronx, Manhattan, Putnam, Rockland, Westchester: $1,089,300, One Unit Limit; $1,394,775, Two-Unit Limit; $1,685,850, Three-Unit Limit; $2,095,200, Four Unit Limit. Orange: $726,525, One Unit Limit; $930,300, Two-Unit Limit; $1,124475, Three-Unit Limit; $1,397,400, Four Unit Limit. Sullivan: $726,200, One Unit Limit; $929,850, Two-Unit Limit; $1,123,900, Three-Unit Limit; $1,396,800 Four Unit Limit.
