Mortgage Insurance will cost less on new FHA home loans. Yes, you heard right, financing a home just became more affordable for hundreds of thousands of buyers!

Beginning March 20, most FHA loans will carry lower mortgage insurance premiums. The average FHA borrower will save $800 per year.* Costs are based on loan amount, so savings will be even higher on pricier homes.

With lower costs, you'll save on your monthly payment and require less income to qualify for the mortgage you want!

Here's a little background:

  • FHA loans can often accommodate borrowers with lower credit scores, income and cash-to-close than conventional loans.

  • FHA loans carry mortgage insurance (MI) as an added monthly cost for the life of the loan (11 years with 10% or more down payment). With this change, MI premiums will fall by 30 basis points, or 0.3% the value of the loan.

  • The reduction applies to all eligible property types, including single family homes, condominiums, and manufactured homes, as well as to all acceptable down payment levels and maximum loan amounts.

If you or someone you know has been unable to qualify for a mortgage due to income or has hesitated because of higher rates, it's a good time to take another look.

Reach out if you want to discuss your situation. We are happy to help.

*Savings are based on the average FHA borrower purchasing a one-unit single family home with a $265,000 mortgage, according to HUD.


The Fed announced another hike.

As expected, the Fed raised policy rates by 0.25% at their February meeting. This is the smallest increase of the eight made in the last 11 months.

More "interesting" is the Fed's signal regarding future increases.

The Fed statement released after the meeting hinted that ongoing rate increases are anticipated before inflation is brought to the Fed's target of 2.0%. Investors were hoping the Fed would back off of that sentiment.

Please Note: Mortgage rates are impacted by market forces beyond Fed actions and will not necessarily change at the same pace as the Fed's moves. They often shift before the Fed acts, in anticipation of their changes.

Should the Fed's news change your home financing plans?

If this is your time to purchase a home or access cash from equity, don't let rates stop you.

Let's find a way to work within the framework of the current environment. Options like hybrid ARMs, buydowns and HELOCS can help.

Background on the Fed:

  • The Federal Reserve Board (the Fed) controls the federal funds rate and discount rate, which are charges for overnight loans from bank to bank or from the Fed to member banks.
  • The rate was lowered to near zero in March 2020 in response to the pandemic. These historic measures are now being reversed.

This is the eighth increase since March 2022.

Bottom Line:

Don't let interest rates hold you back from making a move or accessing cash. We're still closing loans every day!



There could be savings on the table for home buyers in 2023!

The Federal Housing Finance Agency (FHFA) has just increased the amount of money that can be borrowed through a standard home loan to more than $726K. In some areas, the limit is even higher. The new limits will take effect in 2023.

This is great news for buyers and owners alike.

  • Buyers may be able to borrow more money through a conventional, typically lower-rate loan.

  • Owners may be able to refinance their "jumbo" loan to a lower rate conforming loan and possibly drop mortgage insurance, too.

  • Combining (or avoiding) smaller 1st and 2nd mortgages may now be an option.

  • The increase reflects the growth in values over the past year and reaffirms your decision to invest in a home.

Here are the specifics about the change:

  • The standard loan limit, also known as the conforming loan limit, rose by just over 12% to a maximum of $726,200 in most areas.

  • The percentage increase is equal to the national appreciation average over the last year.

  • This is the 7th year in a row that the FHFA has raised the limit, after a decade of no increases. The limit has risen more than $310K over seven years.

Curious about limits in your county or other areas? Follow the link below to check. We'll update it as limits change, so bookmark it for future reference if you'd like.

2023 Conforming Loan Limits

If you have questions about what this change could mean for you, please reach out. And if you have friends who may benefit from the news, please pass it along. The Greenway Team would be honored to help them too!

Contact Greenway Mortgage Funding Corp


The Federal Housing Agency (FHA) has just increased the amount of money that can be borrowed through its mortgage programs by more than $51k in most areas. In high cost locations, the increase is even greater. New limits will take effect in 2023.

The increases will allow more borrowers to take advantage of FHA’s benefits:

  • Low down payment options
  • Lower total cash-to-close requirements with gift or seller contributions
  • More lenient and streamlined refinancing
  • Ability to combine purchase and rehab financing
  • In some high-cost areas, higher loan limits than conventional mortgages

Here are the specifics:

  • In most areas, the FHA loan limit will be $472,030, a 12% increase over 2022’s limit of $420,680.
  • In high-cost areas, the limit moves to $1,089,300, a 12% increase over 2022’s $970,800.
  • In some lower-cost areas or those with higher costs of construction, limits will vary.

Contact your Greenway Mortgage loan officer today for more details about how the increase can impact you.

New 2023 Loan Limits Effective January 2023

Contact Greenway Mortgage Funding Corp


On November 29, 2022, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2023.

The maximum loan limit for one-unit properties will be $726,000, an increase from $79,000 from $647,200 in 2022.‚Äč Release.

The decision was based on the recovery of housing prices under the Housing and Economic Recovery Act of 2008 (HERA). They require that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price.  

FHFA third quarter 2022 House Price Index (HPI) reported that house prices increased 21.21%, on average, between the third quarters of 2021 and 2022. The baseline maximum conforming loan limit in 2023 will increase by the same percentage.

For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the maximum loan limit will be higher than the baseline loan limit. 

A list of the 2023 maximum conforming loan limits for all counties and county-equivalent areas in the country can be found here.

Contact your Greenway Mortgage loan officer today for more details about how the increase can impact you.

2023 Conforming Loan Limits Effective January 2023

Contact Greenway Mortgage Funding Corp

Showing results 21 - 25 of 68