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2023 California Homebuyers Update
Dated: January 5 2023
Views: 149
This year is beginning on a high note with some very good news for California homebuyers.
Late last month, the Federal Housing Finance Agency (FHFA) announced it will increase the 2023 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $726,200 on one-unit properties and a cap of $1,089,300 in high-cost areas. The previous loan limits were $647,200 and $970,800, respectively.
The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or “guarantee.” Non-conforming or “jumbo loans” typically have tighter underwriting standards and sometimes carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.
The higher limits will help make homeownership more accessible to Californians across the state and provide homebuyers with more financing opportunities. This year in California, nearly one out of every four homes sold between $1.2 million and $2 million were purchased by first-time homebuyers.
As we kick off the new year, I hope to be your valuable resource for local and relocation moves. Contact me today to learn more.
Source: California Association of Realtors
EVAN REMEDIOS
Evan Remedios is a 3rd generation realtor in Ventura County and has been immersed in the industry since childhood. As a born and raised local, he is an expert on the area’s market and communities. H....
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