November 30th, 2022 2:16 PM by Sam Kader MLO130505
The Federal Housing Finance Agency (FHFA) has announced the official Conforming/Baseline loan limits for 2023. If you're just here for the conforming loan limit news, $726,200 (increased from $647,200) is the number for 2023 for one unit property or single family home. Each Washington county has a different loan limits. Please click here for your county.
Loan amount above $726,201 and up to $977,500 for one unit property in King county, WA is considered High-Balance or High-Cost area loan balance. Rates and underwriting guidelines are different than conforming loan limits.
Does this mean that no one can get a mortgage for more than $977,500? Yes you can. However, Fannie and Freddie (the government-sponsored enterprises or GSEs) do not acquired loans exceeding this amount. This market has been served by retail and portfolio lenders. Please click here for our current rates.
Click here to download a full FNMA lender letter.