Homebuyers will be able to get bigger mortgages in 2023 but it could be a bad idea for Americans to stretch their budgets too far

Jan 5 2023 by Business Insider

 
Raising the conforming loan limit for conventional mortgages may help more Americans afford homeownership.

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The Federal Housing Finance Agency raised its conforming loan limit values for mortgages in 2023. In most of the US, the agency raised the conforming loan value from $647,200 to $726,200. The increase will help more borrowers afford a home purchase but could also put them at risk of becoming cost-burdened.

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