$1,089,300 Conforming Loan Limit ValueThe Federal Housing Finance Agency (FHFA) recently announced the conforming loan limit values (CLLs) for 2023, based on the findings of the annual FHFA House Price Index® Report. Conforming loans typically require a credit score of at least 620, a debt-to-income ratio below 43%, a down payment of at least 3%, and a two-year history of stable employment and income. Overall, house prices increased 12.2 percent nationwide from the third quarter of 2021 to the third quarter of 2022. The 2023 CLL baseline for one-unit properties increased by the same percentage to $726,200, an increase of $79,000 from $647,200 in 2022. Washington, D.C. and Montgomery County, Maryland, and much of Northern Virginia are considered High-Cost areas, in which 115 percent of the local median home value exceeds the baseline conforming loan limit. The CLL in High-Cost areas is a multiple of the area median home value, with a ceiling of 150 percent of the baseline limit. For 2023, the new CLL for one-unit properties will be $1,089,300 (150 percent of $726,200). You can find more information by county for 2023 CCLs here. Whether you’re buying or selling, the Hatfield Weir Gale Team is ready to guide you through the process. Call us at 202-243-1635 or send us an email at team@hatfieldweir.com.
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