What Are the Conforming Loan Limits for 2023?

By Alene Laney · July 11, 2023 · 5 minute read

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What Are the Conforming Loan Limits for 2023?

A 12% increase in the conforming loan limits for 2023 raised the baseline loan limit for a single unit to $726,200 in most counties in the United States.

The adjustment is a result of a change in the average price of a home nationwide from the third quarter of 2021 to the third quarter of 2022. Home prices increased an average of 12.21%, and the baseline conforming loan limit kept pace.

Conforming loans may be cheaper than nonconforming loans like jumbo mortgages, but jumbo loans have their place.

Conforming Loan Limits for 2023

The conforming loan limits set by the Federal Housing Finance Agency can vary based on area and the number of units in the property.

In most counties, that number increased to $726,200 in 2023 for a one-unit property. In high-cost areas, the limit is $1,089,300 for a one-unit property.

In general, here’s how the baseline conforming loan limits break down for 2023.

Maximum baseline loan limit for 2023


Many counties in the contiguous states, District of Columbia, and Puerto Rico

Alaska, Hawaii, Guam, and the U.S. Virgin Islands

1 $726,200 $1,089,300
2 $929,850 $1,394,775
3 $1,123,900 $1,685,850
4 $1,396,800 $2,095,200

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Why Care About Conforming Loan Limits?

Staying under a conforming loan limit means you’ll most likely obtain a lower-cost mortgage. Mortgages that “conform” to the limits can be acquired by Fannie Mae and Freddie Mac, government-sponsored enterprises.

Because these mortgages can be bought by the agencies and then sold to investors on the secondary mortgage market, they represent a lower risk to the lender and a lower cost to the consumer.

If you need to finance more than the conforming limit, you’ll need to look at jumbo mortgage loans.

Getting a jumbo loan involves clearing more hurdles than a conforming loan. The rate will usually be similar to conforming loan rates, but sometimes it can be lower. How jumbo can a loan be for a primary residence, second home, or investment property? It’s up to each lender.

Government-backed mortgages are also nonconforming loans, and although they serve certain homebuyers, they also may be more expensive than conforming conventional loans because they usually come with additional fees.

Recommended: How to Get a Mortgage Loan

Notable Counties Above the Standard Loan Limits

Loan limits are higher in counties where the average home price is above 115% of the local median home value. The loan ceiling is 150% of the baseline value.

For 2023, the high-cost-area loan limit increased from $970,800 to $1,089,300 on a one-unit property. Alaska, Hawaii, Guam, and the U.S. Virgin Islands also have a baseline loan limit of $1,089,300.

The following is a chart of counties in high-cost areas with an increased baseline loan limit. The increased amount for high-cost areas is either maxed out at $1,089,300 or the average percentage of increase for the price of a home in the area.



2022 limit for a single unit

2023 limit for a single unit % change year over year
Alaska All $970,800 $1,089,300 12%
California Los Angeles County, San Benito, Santa Clara, Alameda, Contra Costa, Marin, Orange, San Francisco, San Mateo, Santa Cruz $970,800 $1,089,300 18%
California Napa $897,000 $1,017,750 13%
California Monterey $854,400 $915,400 7%
California San Diego $879,950 $977,500 11%
California Santa Barbara $783,150 $805,000 3%
California San Luis Obisbo $805,000 $911,950 13%
California Sonoma $764,750 $861,350 13%
California Ventura $851,000 $948,750 11%
California Yolo $675,050 $763,600 13%
Colorado Eagle $862,500 $1,075,250 25%
Colorado Garfield $856,750 $948,750 11%
Colorado Pitkin $856,750 $948,750 11%
Colorado San Miguel $756,750 $862,500 14%
Colorado Boulder $747,500 $856,750 15%
Florida Monroe $710,700 $874,000 23%
Guam All $970,800 $1,089,300 12%
Hawaii All $970,800 $1,089,300 12%
Idaho Teton $970,800 $1,089,300 12%
Maryland Calvert, Charles, Frederick, Montgomery, Prince George’s County $970,800 $1,089,300 12%
Massachusetts Dukes, Nantucket $970,800 $1,089,300 12%
Massachusetts Essex, Middlesex, Norfolk, Plymouth, Suffolk $770,500 $828,000 7%
New Hampshire Rockingham, Strafford $770,500 $828,000 7%
New Jersey Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union $970,800 $1,089,300 12%
New York Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester $970,800 $1,089,300 12%
New York Dutchess, Orange $726,525 $726,525 0%
Pennsylvania Pike $970,800 $1,089,300 12%
Utah Summit, Wasatch $970,800 $1,089,300 12%
Utah Box Elder, Davis, Morgan, Weber $647,200 $744,050 15%
Virgin Islands All $970,800 $1,089,300 12%
Virginia Arlington, Clarke, Culpeper, Fairfax, Fauguier, Loudon, Madison, Prince William, Rappahannock, Spotsylvania, Stafford, Warren, Alexandria, Fairfax City, Falls Church City, Fredericksburg City, Manassas City, Manassas Park City $970,800 $1,089,300 12%
Washington King, Pierce, Snohomish $891,250 $977,500 10%
Washington D.C. District of Columbia $970,800 $1,089,300 12%
West Virginia Jefferson County $970,800 $1,089,300 12%
Wyoming Teton $970,800 $1,089,300 12%

Will Conforming Loan Limits Rise or Fall?

The baseline conforming loan limit is adjusted each year to reflect the change in the average home value in the United States.

The conforming loan limit has increased in six of the past 10 years and has never declined. From 2006 to 2016, for example, the conforming loan limit remained at $417,000, despite declining home values across the country. If home values continue to rise, the conforming loan limit will also rise.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Conforming Loan Limits Over the Past 10 Years

The 12% increase in loan limits for 2023 is lower than the 18% increase of 2022, which was the largest jump in the past 40 years. But it still represents an increase of $79,000 over the past year alone.

Conforming loan limit



2023 $726,200
2022 $647,200
2021 $548,250
2020 $510,400
2019 $484,350
2018 $453,100
2017 $424,100
2016 $417,000
2015 $417,000
2014 $417,000

The Takeaway

Conforming loan limits are intended to keep costs low for homebuyers. This means competitive pricing on mortgages, no matter what the housing market looks like each year.

If you’re looking to apply for a home mortgage loan, check out how SoFi can help. SoFi offers fixed-rate mortgages, and qualifying first-time buyers can put as little as 3% down.

If a supersized loan is needed, SoFi offers jumbo loans with as little as 10% down and no private mortgage insurance.

Check out the full range of SoFi Mortgages today.

Photo credit: iStock/marchmeena29

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