FHFA: 2024 Conforming Loan Limits Rise By $40K

FHFA: 2024 Conforming Loan Limits Rise By $40K

In 2024, a conventional mortgage in most parts of Fla. (except Monroe County) will have a loan limit of $766,550, an increase of $40,350 from 2023’s $726,200.

WASHINGTON – The Federal Housing Finance Agency (FHFA) announced the conforming loan limit values (CLLs) for mortgages to be purchased by Fannie Mae and Freddie Mac in 2024 – more than half of all U.S. loans.

In Florida and most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.

Limits for other types of loans – FHA, VA, Rural Housing, etc. – are generally announced later.

The Housing and Economic Recovery Act (HERA) requires FHFA to adjust the Enterprises’ baseline CLL value each year to reflect changed in the average U.S. home price, and FHFA made the announcement immediately after releasing its third quarter 2023 FHFA House Price Index (FHFA HPI) report. The 2024 increase is based on the increase in average U.S. home values over the previous four quarters.

According to FHFA’s data, house prices increased 5.56%, on average, between the third quarters of 2022 and 2023. Therefore, the baseline CLL in 2024 increases by the same percentage.

High-cost areas

For areas in which 115% of local median home values exceed the baseline – in most of Florida’s Monroe County, for example – the applicable loan limit is higher than the baseline limit. HERA also establishes the high-cost area limit, with a ceiling at 150% of the baseline limit.

The new ceiling loan limit in highest-cost areas for one-unit properties will be $1,149,825, which is 150% of $766,550.

Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam and the U.S. Virgin Islands. In these areas, the baseline loan limits will be $1,149,825 for one-unit properties.

Other loan limit resources

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