New 2023 Conventional Loan Limits Announced (KINDA) | 2023 Conforming Loan Limits

New 2023 Conventional Loan Limits Announced | 2023 Conforming Loan Limits
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Shawn@LifeSourceMortgage.com
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Video Transcript:
Hi there, thanks for stopping by the Channel. My name is Shawn and this is the LifeSource Mortgage YouTube Channel.
Today I'll be talking briefly about the new 2023 Conventional Loan Limits that were just announced about a week or two ago by some of the major lenders that we work with.
With that said, let's go ahead and dive in. I'll go ahead and explain how it works.
So, first and foremost it's important to note that FHFA is actually who announces the official conventional loan limits and they announce it yearly in November for the year to come. And, the way they calculate that is they base it on home appreciation from the 3rd quarter compared to the 3rd quarter last year.
Now, we're not done with the 3rd quarter yet. It's only September 22nd when I'm filming this, but we're close and that data will be out soon BUT as of now the 2nd quarter national home appreciation was about 17.7% on average. What some of the lenders have done (some of the big players we work with) is they went ahead and announced the new lending limits for conventional loans in 2023 at $715,000 which is only about 10.5% higher than the loan limits set for 2022 (which are $647,200) and then in high cost areas they can be as high as $970,800 for a 1 unit single family home. That's just 1.5 times the actual loan limit. That's sorta how that works.
So, for now, a few of the lenders that we work with (not all) are offering new conventional loans as high as $715,000 which means that you can get access to lower rates compared to jumbo loans. It's a little bit easier to qualify compared to jumbo loans, etc.
With that said, for next year, the formula in terms of determining the high cost areas is again just 1.5 times the actual conventional loan limits set for the country. And, so if you do the math on that, it means that the likely high cost loan limit for conventional loans next year in 2023 will be $1,072,500 which is just 1.5 times the actual loan limit.
These lenders played it a little bit conservative since home appreciation was around 17.7% in the second quarter. They only bumped it up 10.5%, so there is a good chance that we'll actually see higher conventional loan limits for 2023.
So, check us out because I'll make another video when we have the official 2023 loan limits which get announced in November, but again, we can actually get you approved to purchase a home now with these new loan limits up to $715,000. And, we can actually get them funded as well, so that's excellent news.
Thanks for stopping by the channel. Please drop a "like", "subscribe" and if you want to get any information about any kind of loan our contact information is down in the description below. Take care!

🔥Get Your Free Info Kit🔥
For More Mortgage info, contact:
Shawn@LifeSourceMortgage.com
(949) 492-2252 x 704

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www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.