The U.S. Department of Housing and Urban Development (HUD) recently announced the 2023 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs).  The announcements were made in Mortgagee Letter 2022-20 and Mortgagee Letter 2022-21, respectively.

For forward mortgage loans in non-high cost areas, the amount for a single unit home increased from $420,680 in 2022 to $472,030 in 2023.  In high cost areas, the amount for a single unit home increased from $970,800 in 2022 to $1,089,300 in 2023.  In Alaska, Guam, Hawaii and the U.S. Virgin Islands, the amount for a single unit home increased from $1,456,200 in 2022 to $1,633,950 for 2023.  For HECMS, the maximum claim amount for all areas increased from $970,800 in 2022 to $1,089,300 in 2023. 

Each Mortgagee Letter includes a link to a HUD website that can be used to find the applicable loan limit in each county. 

We recently reported on the residential mortgage loan limits for loans purchased by Fannie Mae and Freddie Mac in 2023. 

[View source.]