Conforming Loan Limits 2023
New Year, New Conforming Loan limits
Conforming Loan Limits have been increased starting January 1, 2023. These are used when you have more than one VA Loan at a time.
What does that mean for you?
If you don’t have an outstanding VA Loan, (you can get one right here) but these limits won’t apply to you just yet. If you do currently have a VA loan, then here’s what you should know about the conforming loan limits in 2023!
VA Loan Limits
Normally, VA Loans don’t have loan limits. Regardless of the loan amount, the VA insures a percentage of the loan for the lenders. Eligible Veterans with a VA benefit have a certain amount of entitlement to use per VA Purchase. If you already have a VA Loan, part of your veteran benefit will show up as used, this is what we call impacted entitlement. For example, if you’re still paying on a VA Loan or had a foreclosure, your entitlement would be considered impacted, and these conforming loan limits will apply.
So, what exactly are the conforming Loan limits for 2023?
The baseline conforming loan limit for 2023 is $726,200 – which increased from $647,200 in 2022. Home prices vary quite a bit from state to state, and even from county to county. These limits are higher in Hawaii and Alaska, where the amount is $1,089,300 for a 1-unit property. If you’re seeking a loan amount higher than the conforming loan limit in your county, you’ll have to get a jumbo loan that allows for higher loan limits. If you plan on purchasing with no Outstanding VA Loan, there is No County Loan Limit.
Contact us today to find out what your loan limit would be in your area or check the status of your entitlement.