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2023 FHA Loan Limit Has Been Announced!
Mike Chissell, Trusted Mortgage Advisor • January 4, 2023
2023 is here and we have got great news for first time home buyers! The FHA loan limit has increased by 12% from $420,680 last year to $472,030! This means that you can purchase a home at a price of $489,000 with 3.5 percent down and be eligible for the FHA program.
The FHA program is one of the best programs out there for first time home buyers for a few different reasons. It always has lower interest rates than conventional loans along with allowing a higher debt to income ratio. This allows you to be able to afford a home with more debt and also allows for lower credit scores than other programs.
If you want to learn more about the FHA program or need advice as a first time home buyer, we would love to help! Give us a call at the office at 727-376-6900.
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