Today, the Federal Housing Finance Agency (FHFA) announced an increase to mortgage loan limits for next year, and in the DC region those limits will exceed $1 million.
In 2023, Fannie Mae and Freddie Mac will be able to acquire mortgages of up to $726,200 for a single dwelling unit in the U.S., a 12% increase from the 2022 maximum of $647,200. The nationwide mortgage loan limit has increased by $309,200 since 2016, when it rose for the first time in a decade.
The loan limits in the immediate DC area will be $1,089,300, exceeding $1 million for the first time. This is an increase from the $970,800 loan limit for 2021.
Government Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac guarantee many mortgages nationwide, often at lower costs and with more favorable lending terms. However, because they are legally bound to only accept loans of a certain amount, the increased loan limits make GSE loan underwriting more accessible to a larger pool of homebuyers.
This article originally published at https://dc.urbanturf.com/articles/blog/fhfa_loan_limits_rise_above_1_million_in_dc_region_for_first_time/20359.
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