Social Links Widget

Click here to edit the Social Media Links settings. This text will not be visible on the front end.

Financing • December 15, 2022

FHA ANNOUNCES NEW LOAN LIMITS FOR 2023

by Jessica Perla

Recently put in place, HUB announced new loan limits for the calendar year 2023 for single-family homes and qualified condos. 

 

“The loan limits announced today reflect steep increases in home prices throughout much of the country and will ensure continued access to FHA-insured mortgage financing despite those increases,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon.

The San Francisco Bay Area is a High-Cost Area “Ceiling” where one who meets the requirements can get a one-unit with an FHA loan as high as $1,089,300 to a four-unit building with a loan topped at $2,095,200. 

 

Minimum Requirements for an FHA Loan

 

  1. Sufficient income: One that manages a debt-to-income ratio of no more than 50%. 
  2. A credit score of 580 or higher 
  3. Down payment of at least 3.5% to 5%. There is still private mortgage interest on top. 

 

Contact me for more information, and I can connect you to a lender that can help you.

Related Articles
Financing CalHFA Dreams for All Shared Appreciation Program California Down Payment Assistance Program for first-time buyers just became available again.  Called CalHFA Dreams for All Shared Appreciation Program, first-time buyers can get up to 20% in a down payment on the purchase price in assistance.    Requirements: First-time buyer Meet Income Limit Complete a Homebuyer Education class: The link to sign up for […]
Financing 4 Non-Traditional Ways to Finance a Home A 30- or 15-year, fixed-rate mortgage with the same payment amounts each month is one of the most common ways to buy a home—but not everyone can qualify for a traditional mortgage, or has the money set aside for a sizable down payment so they can get a low-interest loan and have affordable payments. Here […]
Financing Buying a Home When Your Spouse Has Poor Credit Buying a home on two incomes can be difficult enough, but it can be even more demanding if one spouse has poor credit. A poor credit score can make it difficult to qualify for a mortgage, leading to a higher interest rate on a home loan. A spouse with poor credit could be left off […]

Coldwell Banker - S.F. Pacific Heights

© 2023 Coldwell Banker Real Estate LLC

Terms Of Use | Privacy Policy

Accessibility Statement | Fair Housing Notice

Jessica Perla # 02078736 ©2022 Coldwell Banker 01908304. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.