Feature Enhancements in Version 22.3 Critical Patch 4

General Conforming Loan Limits and High-Cost Loan Limits

The Federal Housing Finance Agency (FHFA) has announced the 2023 conforming loan limits. In the majority of the U.S., the 2023 maximum conforming loan limit for one-unit properties will be $726,200, which is an increase of $79,000 from $647,200 in 2022. The new ceiling loan limit for one-unit properties in most high-cost areas will be $1,089,300 which is 150% of $726,200 (baseline loan limit). As a result of rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2023 in all but 2 counties or county equivalents in the U.S.

The new conforming loan limits will be effective December 9, 2022.

For additional information, refer to the FHFA conforming loan limits announcement. You can also download a list of 2023 conforming loan limits for all counties and county-equivalent areas in the U.S.

FHA Loan Limits

The Federal Housing Administration (FHA) has published its loan limits for 2023. The Encompass Product & Pricing Service has been updated to use the new 2023 FHA loan limits for loans with an effective date/FHA case number date on or after midnight, January 1, 2023. For loans with an effective date/FHA Case number date prior to midnight, January 1, 2023, there are no changes.

For additional information, refer to the United States Department of Housing and Urban Development (HUD) Maximum Mortgage Limits 2023 announcement.

Ginnie Mae Loan Limits

Ginnie Mae has revised its definition of High Balance loans based on the increase to conforming loan limits made by the Federal Housing Finance Agency (FHFA). Effective on or after January 1, 2023, a High Balance loan will be defined as a single-family forward mortgage loan with an original principal balance (minus the amount of any upfront mortgage insurance premium) that exceeds the general conforming loan limits.

VA Maximum Guaranty Amounts

The VA maximum guaranty amounts will be populated using only the one-unit limit from the general conforming loan limits.

The new guaranty amounts will be effective December 9, 2022.