Boise Conforming Loan Limits Increased to $726,200 in 2023

Published:
December 10, 2019
Last updated:
December 1, 2022
In This Article

Home prices in Idaho have increased over the past year or so. And even though Boise’s home prices have actually dipped this past year, federal housing officials announced at the end of 2022 that the 2023 conforming loan limit for Boise and all other cities and counties across ID have been increased.

For all cities within Ada, Boise, Canyon, Gem, and Owyhee counties, the 2023 conforming loan limit will increase to $726,200 in 2023, up from $647,200 for 2022. This is for single-family properties. For duplexes, triplexes, and multi-family properties, the limits will be higher. See the chart below for all 2022 loan limits for all property types for the above-mentioned counties.

County Name1-Unit2-Units3-Units4-Units
ADA$726,200$929,850$1,123,900$1,396,800
BOISE$726,200$929,850$1,123,900$1,396,800
CANYON$726,200$929,850$1,123,900$1,396,800
GEM$726,200$929,850$1,123,900$1,396,800
OWYHEE$726,200$929,850$1,123,900$1,396,800

Boise Conforming Loan Limits Will Be Increased For 2023

A “conforming” loan is one that does not exceed the size requirements used by Fannie Mae and Freddie Mac, the two government-sponsored entities that buy loans from mortgage lenders.

If the home loan amount is within the conforming loan size limits, it is considered a “conforming loan.” But if the loan amount is in excess of these sizes, it is classified as a “jumbo loan.”

Borrowers who need to take out a jumbo loan will likely have to meet more stringent lending criteria because of the higher amount of money being borrowed.

In 2023, the loan limit that separates conforming and jumbo loans in Boise is increased in response to an increase in property values. In 2023, the conforming loan limit for single-family homes in the Boise area went up to $726,200, which is an increase of $79,000 from the 2022 limit of $647,200.

These loans limits are typically the same across metro areas, and in the case of Boise, that means Ada, Boise, Canyon, Gem, and Owyhee counties all have the same loan limits for 2023.

Beyond the Boise metro area, the 2023 conforming loan limit for most other Idaho counties will go up to $726,200 next year, though there are some exceptions, including the following:

  • Blaine County – $740,600 (1-unit properties)
  • Camas County – $740,600 (1-unit properties)
  • Teton County – $1,089,300 (1-unit properties)

Note: Qualified borrowers with sufficient income are typically able to borrow more than the conforming loan limit in their respective county, which would be considered a “jumbo” mortgage situation.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans, as well as the 2023 conforming loan limits for Idaho.

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Higher Home Prices Means Higher Loan Amounts

Thanks to the rise in Boise’s conforming loan limits for 2023, borrowers can expect to take out higher loan amounts when purchasing a property, depending on how much of a down payment they put forth. These loan limits are assessed every year in relation to property values.

When the average home price for a certain area increases significantly within a year, federal housing officials will generally respond by increasing loan limits to keep up.

Interestingly, Boise’s home prices did not increase, and dipped instead. But most other areas across the state did increase in home prices. As such, Boise is not the only area that will see higher conforming loan limits in 2023, as the majority counties across the US will see increases in loan limits next year.

According to a recent press release from the Federal Housing Finance Agency (FHFA):

“The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. 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.​”

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