Posted on November 29, 2022 by - Local Michigan

Conventional Loan Limits Announced for 2023

2023 Conventional Loan Limits jump as home values have continued to increase at a record breaking pace throughout 2022. Between the third quarters of 2021 and 2022, homes appreciated 12.21 percent on average (slightly slower than 18.05% between 2020 and 2021). The FHFA uses this metric to calculate the 2023 maximum conventional loan limits.

The 2022 Conventional loan limit is set at $647,200 for single family homes. Using the rate of appreciation, the FHFA has set the 2023 Conventional Loan Limit at $726,200 for single family homes. This is an increase of $79,000 compared to the previous year.

2023 Conforming Loan Limits by Property Type:

  • One-unit property: $726,200
  • Two-unit property: $829,850
  • Three-unit property: $1,123,900
  • Four-unit property: $1,396,800

In order for these areas to be deemed as high cost, 115% of the local median home value must exceed the baseline loan limit for that county. The high cost loan limited in these areas will increase by 150% of the baseline.

This makes the maximum loan limit for these areas $1,089,300. A map of the U.S. counties and their maximum loan limits using the loan limit map. There are no counties in Michigan that are considered to be a high cost area.

Michigan 2023 Conventional Loan Limits by County

County NameStateOne Unit LimitTwo Unit LimitThree Unit LimitFour Unit Limit
AlconaMI$726,200$929,850$1,123,900$1,396,800
AlgerMI$726,200$929,850$1,123,900$1,396,800
AlleganMI$726,200$929,850$1,123,900$1,396,800
AlpenaMI$726,200$929,850$1,123,900$1,396,800
AntrimMI$726,200$929,850$1,123,900$1,396,800
ArenacMI$726,200$929,850$1,123,900$1,396,800
BaragaMI$726,200$929,850$1,123,900$1,396,800
BarryMI$726,200$929,850$1,123,900$1,396,800
BayMI$726,200$929,850$1,123,900$1,396,800
BenzieMI$726,200$929,850$1,123,900$1,396,800
BerrienMI$726,200$929,850$1,123,900$1,396,800
BranchMI$726,200$929,850$1,123,900$1,396,800
CalhounMI$726,200$929,850$1,123,900$1,396,800
CassMI$726,200$929,850$1,123,900$1,396,800
CharlevoixMI$726,200$929,850$1,123,900$1,396,800
CheboyganMI$726,200$929,850$1,123,900$1,396,800
ChippewaMI$726,200$929,850$1,123,900$1,396,800
ClareMI$726,200$929,850$1,123,900$1,396,800
ClintonMI$726,200$929,850$1,123,900$1,396,800
CrawfordMI$726,200$929,850$1,123,900$1,396,800
DeltaMI$726,200$929,850$1,123,900$1,396,800
DickinsonMI$726,200$929,850$1,123,900$1,396,800
EatonMI$726,200$929,850$1,123,900$1,396,800
EmmetMI$726,200$929,850$1,123,900$1,396,800
GeneseeMI$726,200$929,850$1,123,900$1,396,800
GladwinMI$726,200$929,850$1,123,900$1,396,800
GogebicMI$726,200$929,850$1,123,900$1,396,800
Grand TraverseMI$726,200$929,850$1,123,900$1,396,800
GratiotMI$726,200$929,850$1,123,900$1,396,800
HillsdaleMI$726,200$929,850$1,123,900$1,396,800
HoughtonMI$726,200$929,850$1,123,900$1,396,800
HuronMI$726,200$929,850$1,123,900$1,396,800
InghamMI$726,200$929,850$1,123,900$1,396,800
IoniaMI$726,200$929,850$1,123,900$1,396,800
IoscoMI$726,200$929,850$1,123,900$1,396,800
IronMI$726,200$929,850$1,123,900$1,396,800
IsabellaMI$726,200$929,850$1,123,900$1,396,800
JacksonMI$647,200$929,850$1,123,900$1,396,800
KalamazooMI$726,200$929,850$1,123,900$1,396,800
KalkaskaMI$726,200$929,850$1,123,900$1,396,800
KentMI$726,200$929,850$1,123,900$1,396,800
KeweenawMI$726,200$929,850$1,123,900$1,396,800
LakeMI$726,200$929,850$1,123,900$1,396,800
LapeerMI$726,200$929,850$1,123,900$1,396,800
LeelanauMI$726,200$929,850$1,123,900$1,396,800
LenaweeMI$726,200$929,850$1,123,900$1,396,800
LivingstonMI$726,200$929,850$1,123,900$1,396,800
LuceMI$726,200$929,850$1,123,900$1,396,800
MackinacMI$726,200$929,850$1,123,900$1,396,800
MacombMI$726,200$929,850$1,123,900$1,396,800
ManisteeMI$726,200$929,850$1,123,900$1,396,800
MarquetteMI$726,200$929,850$1,123,900$1,396,800
MasonMI$726,200$929,850$1,123,900$1,396,800
MecostaMI$726,200$929,850$1,123,900$1,396,800
MenomineeMI$726,200$929,850$1,123,900$1,396,800
MidlandMI$726,200$929,850$1,123,900$1,396,800
MissaukeeMI$726,200$929,850$1,123,900$1,396,800
MonroeMI$726,200$929,850$1,123,900$1,396,800
MontcalmMI$726,200$929,850$1,123,900$1,396,800
MontmorencyMI$726,200$929,850$1,123,900$1,396,800
MuskegonMI$726,200$929,850$1,123,900$1,396,800
NewaygoMI$726,200$929,850$1,123,900$1,396,800
OaklandMI$726,200$929,850$1,123,900$1,396,800
OceanaMI$726,200$929,850$1,123,900$1,396,800
OgemawMI$726,200$929,850$1,123,900$1,396,800
OntonagonMI$726,200$929,850$1,123,900$1,244,850
OsceolaMI$726,200$929,850$1,123,900$1,396,800
OscodaMI$726,200$929,850$1,123,900$1,396,800
OtsegoMI$726,200$929,850$1,123,900$1,396,800
OttawaMI$726,200$929,850$1,123,900$1,396,800
Presque IsleMI$726,200$929,850$1,123,900$1,396,800
RoscommonMI$726,200$929,850$1,123,900$1,396,800
SaginawMI$726,200$929,850$1,123,900$1,396,800
Saint ClairMI$726,200$929,850$1,123,900$1,396,800
Saint JosephMI$726,200$929,850$1,123,900$1,396,800
SanilacMI$726,200$929,850$1,123,900$1,396,800
SchoolcraftMI$726,200$929,850$1,123,900$1,396,800
ShiawasseeMI$726,200$929,850$1,123,900$1,396,800
TuscolaMI$726,200$929,850$1,123,900$1,396,800
Van BurenMI$726,200$929,850$1,123,900$1,396,800
WashtenawMI$726,200$929,850$1,123,900$1,396,800
WayneMI$726,200$929,850$1,123,900$1,396,800
WexfordMI$726,200$929,850$1,001,650$1,396,800

Apply for a Conventional Home Loan

The majority of all mortgages are conventional loans. Conventional loans offer some of the lower mortgage rates and payments available for buying a home or refinancing. To apply for a Conventional Home Loan call Riverbank Finance today at 1-800-555-2098.

    Request Information Now!


    By clicking "Submit Now!", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.

    Other Resources

    Related Posts