Fannie Mae Increases Conforming Loan Limit for 2023

Exciting news for first time homebuyers

Are you a first time home buyer in the New York City market? If so, I’ve got exciting news to share.

Fannie Mae has just announced that starting January 2023, the limit for a conforming loan for high-priced neighborhoods like New York has increased from $970,800 to just over $1 million. So if you were struggling to save up for a 20% down payment for your dream home you now only need 3% as a down payment for a million dollar home purchase. Contact your mortgage professional for more details and let’s start shopping!

Find out more details here and here.

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