The Federal Housing Finance Agency (FHFA) has announced its new conforming loan limits for 2023. The new maximum borrowing amount for conventional loans has increased to $726,200 from $715,000. Resource Financial is offering this new conventional loan limit beginning today to provide more opportunities for homebuyers.
Conforming loan limits are the maximum amount of cash a homebuyer can borrow from a lender using a conventional loan. These limits are set by the FHFA every year to determine exactly how much a buyer can borrow without getting a Jumbo Loan.
What does this mean to me? You may be able to take advantage of a more affordable loan option, particularly if you are looking to buy in a market with rising home prices.
“These higher loan limits create more borrowing opportunities for potential homebuyers,” says A. Wade Douroux, President and CEO of Resource Financial Services. “Since Jumbo loans can be more complex, expensive, and harder to qualify for, these new higher limits on conforming loans can make homeownership more attainable for many.”
How do I take advantage of the new loan limit? Our knowledgeable mortgage bankers at Resource Financial Services are here to assist you. We’ll answer all your questions and help you decide if the new conforming loan limits apply to you. We have a wide range of programs to help you purchase your new home with affordable rates and terms.
“Get in touch with us soon to discuss how these loan limits can help you with a home purchase,” says Douroux.
Resource Financial Services is here to make people’s dreams of home ownership a reality. We offer experienced mortgage specialists who work hard to educate homebuyers about the wide variety of loan programs that can be tailored to meet individual financial needs. Homebuyers can expect quicker closings, same-day pre-approval, 5-Day Processing and guaranteed lower rates.
Call toll-free at 877.797.4545 to speak with a mortgage banker or visit Resource Financial Services online at rfsmortgage.com to learn more.