The Federal Housing Finance Agency (FHFA) announced a 5.5% increase in conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac, bringing the ceiling to $766,550 in 2024.
Loan limits for Alaska, Hawaii, Guam and the U.S. Virgin Islands have increased to $1,149,825, 150% of the baseline limit, with other special provisions established in those areas.
The Federal Housing Administration (FHA) also announced increases to both the floor and ceiling limits for FHA loans to 2024, which will be $498,257 and $1,149,825 respectively. The new loan amounts will take effect on January 1.
FHA’s Home Equity Conversion Mortgage (HECM) program limit also increased for the eighth year in a row to $1,149,825 for 2024.
Individual county loan limits on FHA’s database have not yet been updated. Special area loan ceilings may exceed up to $1,724,725 for a one-unit property in 2024.
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