California’s 2023 conforming county loan limits for FHA, VA, Conventional and Jumbo loans
California’s 2023 Conventional Conforming County Loan Limit
For 2023, the FHFA (Federal Housing Finance Administration) set the baseline conforming loan limit for 1 unit properties at $726,200 for Conventional financing (Fannie Mae & Freddie Mac) and up to $1,089,300 in California high cost counties.
What is a Conforming loan? A conforming home loan must meet, or “conform” to certain criteria or guidelines set forth by Government Sponsored Entities (GSE’s) Freddie Mac and Fannie Mae. The loan amount is just one of those criteria needed to be classified as a ‘conforming’ loan.
What is a High Balance or ‘high-cost’ county loan limit? Loan limits are derived by median home prices in a particular county and have a ceiling of 150% of the baseline mortgage limit. Loan amounts between $726,200 and $1,089,300 are referred to agency ‘High Balance’ or ‘Super Conforming’ loans because they exceed the baseline limit.
You can view a map of the 2023 county loan limits here or download a PDF or Excel file here.
2023 FHA County Loan Limits in California
FHA determines their 2023 maximum county mortgage limit differently than FHFA. The FHA (Federal Housing Administration) is required to set a single family floor and ceiling loan limit range, which is based on 65% to 150% of the national conforming loan limit. Mortgaee Letter 2022-20
The FHA’s 2023 current floor is $472,030 and the ceiling is $1,089,300.
FHA High Balance Jumbo loan limit – California FHA loan amounts in high-cost counties between $472,030 and $1,089,300 are referred to FHA jumbo loans or FHA high balance loans.
2023 VA County Loan Limits in California
Good news….VA loans in California no longer have a county loan limit for 2023! In 2021, VA Circular 26-19-30, the VA announced that President Trump signed the Blue Water Navy Vietnam Veterans Act that removes all county loan limits for Veterans!
Who sets or determines the loan limits? (click to read)
You can watch a video of how they calculate loan limits here or read about it here.
Loan limits listed below are for 1 unit properties. Loan limits for 2-4 units are higher. Contact me for details on qualifying and loan limits for 2-4 unit property.
|County||2023 FHA Loan Limit||2023 Conventional Loan Limit|
|San Luis Obispo||911,950||911,950|