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New Mortgage Loan Limits Increase Early

New Mortgage Loan Limits Increase Early I Summerpark Homes

In 2022, the conforming loan limit for buyers for a single-family home is $647,200 in most states, but that is about to change starting November 30th, 2022 when the FHFA announces new conforming loan limits for 2023.

That's right, that means these new increased loan limits are available to new home buyers BEFORE 2023. Lenders are offering an early release program to allow for usage of the new 2023 loan limits prior to the official announcement from the Federal Finance Housing Administration.

Here is the new early release program guidelines in a nutshell:

  • The ER program will allow for loan limits up to $715,000

  • Up to 90% Loan to Value for primary residence purchase

  • Minimum Credit score of 660 for primary residence up to 80% Loan to Value

  • Minimum Credit score of 700 for Loan to Value above 80%

  • Maximum Debt to Income ratio is 45%

​No need to wait until the New Year to appreciate these new increased loan limits!

Summerpark Homes

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