Loan Limit Increases for 2023

Loan Limit Increases for 2023

Senior Loan Officer
Brian Decker
Published on February 28, 2023

Loan Limit Increases for 2023

Add loans to the seemingly never-ending list of things affected by inflation. This year, most mortgages will have an increased loan limit to more closely match the modern-day housing market. At Modern Lending, we are accepting the new loan limits for conventional loans starting now. The updated loan limits for FHA and VA loans will not be in effect until later this year. Read on to learn more about this and how you can take advantage of it yourself. 


Let's dive into the three loan types that are subject to change throughout this new year.

Conventional Loan

The baseline conventional loan limits increased by around 12% for one-unit properties. This looks like a $79,000 increase and other increases to more high-cost areas. In high-cost areas, the limits are set on a county-by-county basis. Another point to note is that homes with up to 4 units can be considered single-family properties and can be available under standard mortgage financing programs. Contact us for more information on these specific cases.

VA Loan

In most circumstances, VA loans do not have loan limits. But, there are a few instances where VA loan limits do occur. If you have impacted entitlement, you might have specific loan limits. Sometimes, this happens if you have another VA loan taken out that has not been entirely paid off yet, or if you were impacted by a foreclosure that also has not been paid off. 

FHA Loan

Each year on January 1st, there are new FHA loan limits that slide into place. The lowest an FHA loan can be is 65% of the national conforming loan limit. But, these limits change at the county level, so it's important to check your area to find out what the current floor and ceiling limits are for you. The Department of Housing and Urban Development has a loan limits search calculator here: This is a great resource to gauge what your limit may be.

Got Questions? Modern Lending Can Help

If you're looking to purchase a property, whether it's your first home or your fifth home, the mortgage experts at Modern Lending can help you take control of your finances and expand your wealth through property ownership. Visit our website for more information on the services we offer and see how we can help you make the most of your money.

Senior Loan Officer
Brian Decker Senior Loan Officer
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