Conforming and FHA loan limits have all been increased for 2023. The new conforming loan limit is being raised to $726,000 and the new conforming high balance loan limit is being raised to $1,089,000.
FHA is also raising their loan limits to match these numbers in all HIGH COST counties. In Orange County NY, which is not considered a high cost county, the FHA loan limit is being raised from $420,000 to $472,000. Most importantly, due to economic reports showing inflation continuing to drop slightly, long term rates have now dropped almost a full percentage point off their highs bringing mortgage rates into the low-mid 6’s.
The rise in FHA limits for our area is huge for Orange County. Prices have gone up significantly over the past few years and buyers that were looking to finance with FHA had to cap their searches a $420,000 loan. So if you were looking into purchasing a home in Orange County with an FHA loan in 2022 you now have a little more elbow room to look in 2023.
Start your home search here and contact me with any questions. Lets get started!
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