2024 Loan Limits – Conventional Conforming & FHA

(The BuildBuyRefi Team Offers Non-Conforming Options Up to $3 Million +)

Effective: November 28, 2023

BuyRefi Loan Limits and High Cost Areas

The updated 2024 maximum loan limits for conventional and FHA financing have been increased to reflect changes in the housing market. Here are the updated numbers, following the same format as provided for 2023:

New 2024 Maximum Loan Limits for Conventional Financing:

  • 1 Unit = $766,550

  • 2 Unit = $981,500

  • 3 Unit = $1,184,925

  • 4 Unit = $1,472,550

High Balance/Super Conforming Loan Limits for Conventional Financing:

  • 1 Unit = $1,149,825

  • 2 Unit = Information not available

  • 3 Unit = Information not available

  • 4 Unit = Information not available

The high balance conforming limits apply only in select counties where high balance limits are allowed.

New 2024 Maximum Loan Limits for FHA Financing:

  • 1 Unit = $498,257

  • 2 Unit = $637,950

  • 3 Unit = $771,125

  • 4 Unit = $958,350

For FHA financing, the "ceiling" in high-cost areas for 1 Unit is $1,149,825, and the special exception areas like Alaska, Hawaii, Guam, and the U.S. Virgin Islands have even higher limits:

  • 1 Unit = $1,724,725

  • 2 Unit = $2,208,375

  • 3 Unit = $2,669,275

  • 4 Unit = $3,317,400

These adjustments reflect the ongoing changes in home prices across the United States and are intended to help more individuals access home financing by increasing the borrowing limits

Understanding Conforming Loan Limits for 2024

When considering a mortgage, one of the key figures you'll encounter is the conforming loan limit. This is the maximum amount that Fannie Mae and Freddie Mac, the government-sponsored enterprises that back most U.S. home loans, are willing to purchase from lenders. Here's what you need to know about the conforming loan limits for 2024:

  1. Annual Adjustments: The Federal Housing Finance Agency (FHFA) adjusts the conforming loan limits annually to reflect changes in the average U.S. home price. For 2024, these adjustments ensure that the limits keep pace with the housing market, enabling borrowers to access financing that matches property price increases.

  2. Baseline Limit Increase: For most areas in the United States, the baseline conforming loan limit has seen an increase. This adjustment means that borrowers in many areas will be able to borrow more without entering into the jumbo mortgage territory, which typically comes with stricter underwriting standards and potentially higher interest rates.

  3. High-Cost Area Considerations: In certain high-cost areas, where 115% of the local median home value exceeds the baseline conforming loan limit, higher limits apply. These areas allow borrowers to access larger loan amounts without the need for a jumbo loan, making homeownership more accessible in regions with higher home prices.

  4. Special Statutory Provisions: Specific areas such as Alaska, Hawaii, Guam, and the U.S. Virgin Islands have even higher loan limits due to the elevated costs of living and construction. These provisions ensure that residents in these locations can also access financing that reflects their unique market conditions.

  5. Impact on Borrowers: The increase in conforming loan limits can significantly impact borrowers by providing more flexibility in financing options, potentially lower interest rates compared to non-conforming loans, and increased access to homeownership in both standard and high-cost living areas.

It's crucial for potential homebuyers and those looking to build, buy, refinance, or renovate to understand these updates and how they might affect their borrowing options. Consulting with a mortgage professional can help you navigate these changes and determine the best path forward based on your individual financial situation and housing market conditions.

BuildBuyRefi Conforming Loan Limit Map Provided by FHFA

The Previous Year for 2023 Maximum Loan Limits

1 Unit = $726,200

2 Unit = $929,850

3 Unit = $1,123,900

4 Unit = $1,396,800

The Previous Year For 2023 High Balance/Super Conforming Loan Limits 

*High Balance Conforming Limits are only allowed in select counties where high balance limits apply.

1 Unit = $1,089,300

2 Unit = $1,394,775

3 Unit = $1,685,850

4 Unit = $2,095,200

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