The Federal Housing Finance Agency (FHFA) announced the conforming loan limit values for the mortgages on one-unit properties that Fannie Mae and Freddie Mac will acquire in 2024 will be $766,550, an increase of $40,350 from 2023.
The FHFA adjusted the loan limit values based on its Housing Price Index, which found house prices increased 5.56%, on average, between the third quarters of 2022 and 2023. Therefore, the baseline conforming loan limit for 2024 will increase by the same percentage.
For areas where 115% of the local median home value exceeds the baseline conforming loan limit value, the applicable loan limit will be higher than the baseline loan limit. In these areas, the new ceiling loan limit 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.
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