New Conforming Loan Limits for 2023

Home loan limits 2023

The Federal Housing Finance Agency (FHFA) has announced new maximum conforming loan limits for 2023.

Conforming Loan Limits for 2023

The maximum conforming loan limits for Central and Western New York are outlined below:

  • One-unit properties increased to $726,200
  • Two-unit properties increased to $929,850
  • Three-unit properties increased to $1,123,900
  • Four-unit properties increased to $1,396,800

The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac. The adjustment reflects changes in the average U.S. home price. The percentage increase in the maximum conforming loan limit follows the Housing Price Index for the prior four quarters.

“The annual FHFA adjustment is an important tool for homebuyers,” said GRB’s SVP, Residential Mortgage Manager Mike Pulver. “The additional boost in limits provides better financing options for loans that would traditionally have fallen into the ‘jumbo’ category.”


For new loan applications or applications already in process, the loan amounts will be subject to 2022 limits as long as the loan closes by Dec. 31. Loans closing on Jan. 1 or after will fall under the 2023 limits.

FHA loan limits are expected to increase as well. We will post updates as they become available.

Contact GRB’s Mortgage Team with any questions.

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