The 2024 FHFA Loan Limit Adjustments were announced…
Those adjustments for 2024 will be:
- $766,550 limit for VA and one-unit conventional loans (up from $726,200 in 2023).
- $1,149,825 limit for one-unit loans in high-cost counties (up from $1,089,300 in 2023).
- Updated conforming loan limits for 2–4-unit conventional loans.
The Federal Housing Finance Agency (FHFA) has made a significant announcement regarding the loan limits for 2024, reflecting the ongoing changes in the housing market. These adjustments are designed to accommodate the rising property prices and provide greater support for homebuyers. The changes are substantial and aim to enhance the affordability and accessibility of homes for a broader spectrum of buyers. Here’s an overview of the key adjustments:
- Increase to $766,550 for VA and One-Unit Conventional Loans. This is a notable jump from the previous limit of $726,200 in 2023. This increase will allow more veterans and buyers of single-family homes to qualify for better financing options that are often associated with VA and conventional conforming loans.
- Rise to $1,149,825 for One-Unit Loans in High-Cost Counties. Recognizing the higher property values in certain areas, this increase from $1,089,300 in 2023 aims to make it easier for buyers in high-cost counties to access more favorable loan terms.
- Updated Conforming Loan Limits on 2–4-Unit Conventional Loans. This update reflects the FHFA’s commitment to supporting buyers who are looking into multi-unit properties, a segment of the market that is increasingly popular among both investors and residential buyers.
These changes reflect the FHFA’s response to the evolving real estate market, ensuring that loan limits remain in line with current housing price trends. They are set to provide significant relief and flexibility to a wide range of potential homeowners, including veterans, those buying in high-cost areas, and investors in multi-unit properties.
If you’re in the market to buy a home, there may be no better time than the present to get pre-qualified for your home loan.