General World News

Government to back mortgages over $1 million in 2023

The Federal Housing Finance Agency (FHFA) on Tuesday announced that the baseline conforming loan limit for 2023 will be $726,200, an increase of 12.21%, or $79,000, compared to 2022. 

The federal government, through government sponsored enterprises Fannie Mae and Freddie Mac, will now back mortgage loans north of $1 million, with the new ceiling loan limit for one-unit properties in most high-cost areas at $1,089,300 — or 150% of $726,200.

Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com