New loan limits for 2023 are being announced, and I want to make sure you don't miss out on any information that can help your clients.
The updated limits for each loan program are listed below. Click on the links provided to view more details and search for limits by location to view the specific higher limits available in high-cost areas.
FHA 2023 Loan Limits
Baseline loan limit: $472,030
Ceiling limit for high-cost areas: $1,089,300
Click here to view FHA's announcement of the new limits
Click here to find the limits which apply to your specific area
2023 FHFA Conforming and VA Loan Limits
Baseline loan limit: $726,200
Ceiling limit for high-cost areas: $1,089,300
Although the VA eliminated loan limits effective in 2020, the VA follows loan limits set by the Federal Housing Finance Agency (FHFA) on conforming loans for VA-eligible borrowers with less-than-full (referred to as 'remaining') entitlement. There are no loan limits for Veterans and service members with full entitlement; however, they still must qualify for the requested loan amount based on their credit profile, income, and assets.
To view the 2023 Fannie and Freddie conforming loan limits for your specific county, please go to FHFA's website.
If you have any questions about how to help your clients maximize their buying power, please reach out to me today! I look forward to continuing to work together to help home buyers and home owners achieve their goals in 2023.
Click the blue link below for a video tour.
- The Fed has been raising rates in an effort to limit inflation.
- Though a higher rate can make borrowing money more costly, it can increase returns on certificates of deposit and savings accounts, and drive a stronger U.S. dollar. What does this increase mean for homeowners and buyers?
- Financing home renovations
- Buying a new home and taking advantage of rising home inventories*
- The tides started to turn in 2022... home buyer demand lessened, opening a window of opportunity for buyers. This led to some much-needed inventory gains, with for-sale housing rising annually for three straight months, according to Realtor.com.*
- Consolidating debt**
- Since credit card interest rates are also increasing, this could be a good time to consolidate your debt into one affordable payment, thus skirting the more than 20% interest you may be paying with your credit card.
- Funding major expenses (like college tuition)
- Refinancing to eliminate mortgage insurance
- Assisting with Pre-Approvals and TRU Offer underwriting approvals
- Reviewing how different mortgage programs can impact a budget
- Setting home financing goals
- Selecting the right program for a home buyer or home owner's needs
Chase HansenLoan Officer
A quarter of U.S. homebuyers to looking for homes in a different metro, according to an analysis by the real estate company Redfin.
The top destinations are relatively affordable and sunny.
Las Vegas, San Diego and Tampa, Fla., closed out the top five places where Redfin users are looking to move, according to the analysis. Keep in mind that Mesquite mirrors the Las Vegas Vegas pretty much. So I think Mesquite will stay strong despite other areas seeing a decline in Home Buyers.
So why not a housing crash too?
Americans who lived through the 2008 crisis may be watching the red-hot market starting to cool and getting flashbacks. And for prospective homeowners, it might be appealing to put your plans on pause until the market bottoms out so you can snag a house at a great price.
But experts say there are good reasons to believe that however this shakes out, it won’t be a return to 2008 — which will no doubt be a relief to anyone whose apple bottom jeans and boots with the fur have been long put away in storage.
- The Federal Reserve raised benchmark interest rates by another three-quarters of a percentage point and indicated it will keep hiking well above the current level.
- The central bank has been looking to bring down inflation, which is running near its highest levels since the early 1980s.
- Fed officials signaled the intention of continuing to hike until the funds level hits a “terminal rate,” or end point, of 4.6% in 2023. That implies a quarter-point rate rise next year but no decreases.
Virgin Valley Water District – Water Availability Status
The extreme drought conditions that are plaguing the southwestern United States have been
making headlines around the country. The Colorado River and its tributaries are running at
historically low flows due to the lack of snow pack from last winter in Wyoming, Colorado, and
Utah. The two major water storage facilities on the Colorado River, Lake Mead and Lake Powell
are at historic low water levels. Yes, things are in dire shape for many communities, large and
small, in the southwest.
So what about Mesquite and Bunkerville? Fortunately, the Virgin Valley Water District (District)
does not depend on the Colorado River or its tributaries for our culinary water supply. The
District does own some shares in the Mesquite and Bunkerville Irrigation Companies that are
currently leased to local farmers, golf courses, and Southern Nevada Water Authority. Those
irrigation shares are on the Virgin River, a tributary of the Colorado River. One day when
needed, the District will utilize those Virgin River shares for culinary water needs. That is
planned to be in the 2030 timeframe.
In the meantime, the District currently provides water for residents and businesses in Mesquite
and Bunkerville from wells drilled deep into the aquifer below. The District currently has nine
operational wells with two more that have been drilled, but not equipped yet. The water from
the wells supplies sufficient water for the residential and commercial bathing, drinking,
irrigating, and cooking needs in the area. And due to historical conservation measures
implemented early in the residential growth years (desert landscaping, low flow plumbing
fixtures, smaller sized homes and building lots, 100% treated wastewater reuse for irrigation,
etc.), the residential metered use of 0.34 acre-feet per equivalent residential dwelling unit is on
par with many of the leading water conservation communities in the Southwest.
While we as a community overall are doing well, we can always improve, and we should. Things
such as reducing unnecessary turf, replacing high water need foliage with more drought
tolerant plants, being more efficient in outdoor watering, and making adjustments to indoor
water use are starting points.
So how is the health of the aquifer? The District has many groundwater monitoring wells
throughout the valley to determine if the aquifer is being stressed. The District monitors the
wells on a monthly basis. Based on the current pumping rate (the District pumps about 7,000
acre-feet of water per year), the aquifer’s static water level has not appreciably changed over
the past several decades. In addition to the groundwater monitoring wells, the District has
multiple remote mountain peak precipitation gages to monitor precipitation levels. Ultimately,
the precipitation received in the surrounding mountains (snow or rain) becomes the water that
recharges our aquifer.
The District is in the process of performing a Perennial Yield Study of the aquifer to improve on
several older studies to determine what the safe yield of the aquifer is. The results of the study
won’t be available until late 2024. Some existing studies indicate that there may be additional
groundwater that could be allocated to the District in the future for additional growth
Eventually the growth won’t be sustainable and will have to stop. Based on our Master Plan
(see Table 3-10 on page 3-10), the Virgin Valley’s population will eventually be between 50,000
– 70,000 residents. There are a variety of factors in play which is why there is such a large range
of low and high projections.
The bottom line is the Virgin Valley Water District is in great shape to deal with the drought,
climate change, and growth for the foreseeable future. The District will continue to be vigilant
in monitoring the aquifer levels and precipitation amounts, and when necessary, advise the
local planning authorities when the need to curtail growth should happen.