Conventional Loan Limits in PA 2023
The
conforming loan limits in Pennsylvania are set by the Federal
Housing Finance Agency (FHFA). These limits vary based on the county
and state. The 2023 single-family loan limit for most PA counties is
$726,200. Loan amounts more significant than the stated limit are
considered a jumbo loan and cannot be sold to Fannie or Freddie.
The maximum loan amount that can be borrowed with a conforming loan
varies yearly. This limit applies to all Pennsylvania’s counties
regardless of local housing markets or median home prices. The
purpose of this lending limit is to maintain stability in the
housing market while allowing lenders some flexibility when it comes
to making loans.
2023 Conforming loan limits for PA counties
| County name | One-Family | Two-Family | Three-Family | Four-Family |
|---|---|---|---|---|
| Adams | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Allegheny | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Armstrong | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Beaver | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Bedford | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Berks | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Blair | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Bradford | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Bucks | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Butler | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Cambria | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Cameron | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Carbon | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Centre | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Chester | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Clarion | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Clearfield | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Clinton | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Columbia | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Crawford | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Cumberland | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Dauphin | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Delaware | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Elk | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Erie | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Fayette | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Forest | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Franklin | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Fulton | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Greene | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Huntingdon | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Indiana | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Jefferson | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Juniata | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Lackawanna | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Lancaster | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Lawrence | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Lebanon | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Lehigh | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Luzerne | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Lycoming | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Mckean | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Mercer | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Mifflin | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Monroe | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Montgomery | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Montour | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Northampton | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Northumberland | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Perry | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Philadelphia | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Pike | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| Potter | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Schuylkill | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Snyder | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Somerset | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Sullivan | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Susquehanna | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Tioga | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Union | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Venango | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Warren | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Washington | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Wayne | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Westmoreland | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| Wyoming | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| York | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
FAQs About
Conforming/Conventional Loans
1. What is a conforming loan?
A conforming loan is a real estate loan that meets requirements established by government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae. These loans typically have lower interest rates and require a smaller down payment than non-conforming loans. The maximum loan amount for a conforming loan varies by county but generally cannot exceed the loan limit above for a single-family home.
2. What are the eligibility requirements for a conforming loan?
Borrowers must have a credit score of at least 620 to be eligible for a conforming loan, a debt-to-income ratio below 43%, and usually need to make a 20% down payment. The loan must also satisfy the specific requirements of the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Additionally, borrowers must have sufficient income to pay their mortgage payments and other debts.
3. What is the difference between a conforming loan and a non-conforming loan?
Conforming loans are mortgages that meet the guidelines set by government-sponsored enterprises (GSEs) such as Freddie Mac and Fannie Mae. These loans typically have lower interest rates and require a smaller down payment than non-conforming loans. Non-conforming loans, on the other hand, do not meet the GSEs' guidelines, often because of their size or other factors. They tend to have higher interest rates and require larger down payments than conforming loans. Conforming loans "conform" to the conventional loan rules.
4. What types of properties are eligible for conforming loans?
Conforming loans are mortgages that meet specific guidelines established by government-sponsored enterprises (GSEs) such as Freddie Mac and Fannie Mae. Eligible properties include single-family dwellings, multi-unit properties (up to 4 units), condominiums, and planned unit developments. The property must also be a primary residence, second home, or rental investment property.
5. What are the benefits of a conforming loan?
Conforming loans offer several benefits. They typically have lower interest rates than non-conforming loans. They can be easier to qualify for since they adhere to the guidelines set by government-sponsored entities such as Fannie Mae and Freddie Mac. Additionally, conforming loans are more widely available than non-conforming loans, which makes them a popular choice for many borrowers.
Conclusion
In conclusion, it is essential to understand the loan limits of conforming loans in PA so that you can make an informed decision regarding your mortgage. It is critical to compare different mortgage loan options and understand all the details before signing any documents. As a potential home buyer, you should research lenders and compare the interest rates, fees, and terms associated with their loans. Furthermore, it's essential to remember that conforming loan limits in PA may change years ahead due to market conditions.
SOURCE: U.S. Department of Housing and Urban Development
If you found this information useful, please tell a friend.