FHFA Increases Baseline Conforming Loan Limits for 2024

Increases in Max Conforming Loan Limits Provide Greater Access to Higher-Priced Properties

As home prices continue to rise, the Federal Housing Finance Agency (FHFA) has responded by raising the baseline maximum conforming loan limit for 2024. This change, mandated by the Housing and Economic Recovery Act of 2008 (HERA), sets a new cap on the size of mortgages that can be bought or guaranteed by Fannie Mae and Freddie Mac. These adjustments reflect the ongoing increase in home prices, ensuring that more buyers can secure the financing they need.

2024 Loan Limit Increases

The new loan limits for 2024 are as follows:

  • For one-unit properties in most of the country: The limit has increased from $726,200 to $766,550.
  • For high-cost one-unit properties in the contiguous U.S.: The limit has risen from $1,089,300 to $1,149,825.

Benefits for Your Clients

This increase is fantastic news for your clients who have found rising home prices putting their dream of homeownership just out of reach. With these new limits, more buyers can now afford properties in higher price ranges. At Ideal Lending, we offer the loan programs and mortgage solutions your clients need to make their homeownership dreams a reality.

Contact Us

If you have any questions about these new loan limits or need assistance with your clients, please contact us directly. We’re here to help.

For more detailed information, including a list of the 2024 maximum conforming loan limits for all counties and county-equivalent areas, please visit here.

About Ideal Lending

Ideal Lending is your premier home mortgage lender in Florida. At Ideal Lending, your clients will work one-on-one with a dedicated mortgage professional who can explain loan programs and offer competitive mortgage rates to meet their financial goals.

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