Eden Gelt – The Federal Housing Finance Agency (FHFA) just increased buying power for conforming loan limits. The changes go into effect starting in 2023 and some limits have increased by nearly $100K. Here are the changes for the Chicagoland market 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 – $726,000
- 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
Jumbo (call your LO for competitive pricing!)
- 5% down – up to $1,000,000
Minimum Downpayment:
Conventional
- 3% down for first time homebuyers – owner occupied
- 5% down for repeat home buyers – owner occupied
- 15% down for investment properties (does not include multi-family)
FHA (has to be owner occupied)
- 5% down (1 – 4 Units)
VA
- 0% down (1 – 4 Units)
Keep this cheat sheet in your back pocket so that you know enough to be dangerous and know that if they’re ready to take the next step, your Key LO is ready to help! As always, your Key Mortgage loan officer is available for a preapproval, or application, or to answer questions at any time, reach out to me (Eden Gelt) for an intro.
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