The U.S. Department of Housing and Urban Development (HUD) recently announced new 2023 loan limits for FHA-insured forward mortgage loans and FHA-insured Home Equity Conversion Mortgages (HECMs).
The new max loan limits for FHA forward mortgages will increase in 3,222 counties, while just 12 U.S. counties will have unchanged limits.
“The loan limits announced today reflect steep increases in home prices throughout much of the country and will ensure continued access to FHA-insured mortgage financing despite those increases,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon.
For mortgage loans in non-high-cost areas, the amount for a single-unit home has increased from the current 2022 limit of $420,680 to $472,030 in 2023.
In high-cost areas, the amount for a single-unit home has also increased. The new limit will increase to $1,089,300 in 2023, up from 2022's $970,800.
Single units in Alaska, Guam, Hawaii, and the U.S. Virgin Islands --where the cost of construction is higher -- will increase from $1,456,200 in 2022 to $1,633,950 in 2023.
HECM's maximum claim amount will increase in all areas from $970,800 in 2022 to $1,089,300 in 2023.
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