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News Release
FHFA Announces Conforming Loan Limit Values for 2023: Baseline CLl Increases to $726,200
FOR IMMEDIATE RELEASE November 29, 2022
Washington, D.C. - The Federal Housing Finance Agency FHFA today announced the conforming loan limit values CLLs for mortgages acquired by Fannie Mae and Freddie Mac in 2023. In most of the United States, the baseline conforming loan limit for one-unit properties will be $726,200, a substantial increase from $647,200 in 2022.
National Baseline
The Housing and Economic Recovery Act HERA requires that annual adjustments to the baseline CLL reflect changes in average U.S. home prices. FHFA published its third quarter 2022 FHFA House Price Index report earlier today, which includes statistics for the quarterly increase in average U.S. home values. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased by an average of 12.21 from the third quarters of 2021 and 2022. This percentage increase is thus used to adjust the baseline CLL for 2023.
High-Cost Areas
For areas where the median home value surpasses 115 of the local median, the applicable loan limit will exceed the baseline conforming loan limit due to HERA provisions. The ceiling limits in high-cost areas are set as multiples of the area's median home values, but cannot exceed 150 of the baseline limit. Median home values increased across many high-cost regions in 2022, leading to higher CLLs for these areas. The new ceiling loan limit for one-unit properties will be $1,089,300, which represents 150 of the baseline conforming loan limit.
Special statutory provisions establish differing limits for Alaska, Hawi, Guam, and the U.S. Virgin Islands. In those jurisdictions, the baseline loan limit will also rise to $1,089,300 for one-unit properties due to rising home values.
The increased baseline CLLs result in higher loan limits across most US counties or county equivalents except for two areas where the growth was insufficient to meet this criterion.
Additional Resources
Comprehensive list of conforming loan limits for all U.S. counties and equivalents
Interactive map displaying conforming loan limits nationwide
Detled explanation using for determining CLLs
Frequently Asked Questions FAQs covering broader topics related to CLLs
Questions about the conforming loan limits can be directed to [email protected], or for more information visit: https:www.fhfa.govCLL.
The Federal Housing Finance Agency oversees Fannie Mae, Freddie Mac, and 11 Federal Home Loan Banks. These government-sponsored enterprises fund over $8.1 trillion in US mortgage markets and financial institutions annually. For further detls, please explore our website at www.FHFA.gov, follow us on Twitter @FHFA, or connect with us on YouTube, Facebook, LinkedIn.
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