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FHA Announces Higher Loan Limits for 2023

The Federal Housing Administration has announced higher FHA loan limits for 2023. New FHA limits have also been released for FHA Home Equity Conversion Mortgages or FHA HECM loans.

According to HUD.gov and the FHA, “most of the country” will enjoy this loan limit increase in 2023 due at least in part to house price appreciation during the first half of 2022. A press release on the FHA official site says that appreciation is, “factored into the statutorily mandated calculations FHA uses to determine the limits” each new year.

These FHA loan limits took effect on January 1, 2023. If you have an FHA loan case number assigned prior to that date, the 2022 FHA loan limits will apply to your transaction. Ask a participating lender whether the new rates apply to your transaction if you aren’t sure about the date of your FHA loan case number.

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