The Federal Housing Finance Agency (FHFA) and HUD just increased buying power for conforming loan limits and some limits have increased by nearly $100K! Here are the changes and some other numbers you should know to help guide your client in selecting the right property for them.
Max Loan Amount in Chicago Metropolitan Statistical Area as of January 2023:
Conventional Max loan amount:
- 1 Unit – $726,200
- 2 Unit – $929,850
- 3 Unit – $1,123,900
- 4 Unit – $1,396,800
FHA Max loan amount
- 1 Unit – $472,030
- 2 Unit – $604,400
- 3 Unit – $730,525
- 4 Unit – $907,900
Having these numbers handy to answer a quick question before connecting your client with your Key Mortgage loan officer shows you are on top of the most recent changes that can impact a buying decision. Reach out to a Key Mortgage Loan Officer today to see how these new loan limits help you start your 2023 off with a bang!
