As announced on November 29, 2022, by the FHFA, the 2023 Conforming Loan Limit for one-unit properties has been increased to $726,200. Effective immediately, Gateway First Bank is now accepting new locks for loans with the conforming loan limit increases for standard and high balance loans. In most areas, the conforming loan limit for one-unit properties has increased to $726,200 from $647,200 and the one-unit high balance limit has increased from $970,800 to $1,089,300. Loan amounts do vary by property and location and number of units. For a complete listing of loan limits by county, please see the FHFA announcement located here. GEMS is currently updated to allow locks based on the new maximum limits for standard conventional loan amounts only.
Specialty Lending and Texas Veteran Land Board loans are not eligible for the new loan amounts at this time.
Existing Conforming Conventional loans locked on or before 11/29/22 and expiring after 1/1/23 are eligible to update their loan amount. Updated AUS findings are required. Please email corrlock@gatewayloan.com to request an increase to the loan amount on your existing lock.
Please direct any questions to your Regional Sales Manager