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The Federal Housing Finance Agency (FHFA) announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit” (CLL) value.  Loans above this amount are known as jumbo loans.

In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.

This FHFA increase applies to all of Connecticut

You will now only need a jumbo loan if your loan size is over $726,200.00.

To read more on this new development on FHFA Announces Conforming Loan Limit Values for 2023 | Federal Housing Finance Agency