Are there limits to how much money you can borrow to purchase your home?

The answer is "yes."

The federal entities that oversee and set guidelines for mortgage loans have just announced an increase in the amount you can borrow when purchasing your home. So for 2023, you can borrow up to $726,200 to purchase a home with as little as 5% down payment.

If you stay below that loan limit, you will receive the best competitive interest rates available. If you go over that amount, those types of loans are considered a bit more complicated and will require more down payment from you and your lender may charge you a higher interest rate for that loan.

The loan limits for FHA loans, which are government-insured loan products, have also been increased. For a single family home purchase, the new loan limit is $472,030, with as little as 3.5% down payment.

Lots of context here to consider. Let’s chat and set you up with the best lender that is right for you. Cheers!