The Federal Housing Finance Agency (FHFA) announced an increase to the maximum loan limits for both conforming and high balance/super conforming loan amounts for 2023.
The loan limits below apply to Fannie Mae and Freddie Mac transactions.
The 2023 loan limits may be applied to new submissions and all loans currently in the pipeline. Loans are eligible to close with the new 2023 limits.
Actual loan limits for certain high-cost counties may be lower than the amount indicated above. If the loan is a high balance/super conforming loan, it is important to check the loan limit for the specific county in which the property is located
The FHFA did not identify high-cost limits for Alaska and Hawaii for 2023 therefore loan amounts for those states cannot exceed the applicable conforming loan limit.
A complete list of counties, including high-cost area counties and their specific maximum loan limit, may be viewed at FHFA News Release and click List Conforming Loan Limits under Other Resources near the bottom of the News Release
DU/LPA Updates
- Fannie Mae Lender Letter 2022-06, issued November 29, 2022, indicated DU will be updated with the 2023 loan limits the weekend of December 3, 2022
- Freddie Mac has indicated LPA will be updated on December 5, 2022
Until DU and LPA have been updated, loans submitted to DU or LPA prior to the system updates that exceed the current 2022 limits will receive an “Approve/Ineligible” or “Accept/Ineligible” Finding due to the loan amount exceeding the 2022 limit.
Homebridge will accept the “Approve/Ineligible” or “Accept/Ineligible” Findings if the only reason for the “Ineligible” is due to the loan amount exceeding the current 2022 loan limit. The loan amount must comply with the 2023 limit. Re-submission to DU or LPA will not be required.
Lock Requirements
- 1-unit transactions with a loan amount ≤ $647,200 follow standard lock procedures
- Until PATH has been programmed with the 2023 loan limits the following is required:
- 1-unit transactions with a loan amount > $647,200 up to $726,200, lock as high balance and email the lock desk at locks@homebridge.com to update the lock to conforming
- 2-4 unit transactions with a loan amount that exceeds 2022 loan limits lock as high balance and email lock desk at locks@homebridge.com to update the lock to conforming
The Homebridge Fannie Mae and Freddie Mac guidelines (including HomeStyle, HomeReady, Home Possible, and Investor Solution) have been updated with the 2023 loan limits and will be posted on the Homebridge website at www.Homebridgewholesale.com
If you have any questions, please contact your Account Executive
