FHFA announces 2024 conforming loan limits

The Federal Housing Finance Agency (FHFA) announced it will increase the 2024 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $766,550 on one-unit properties and a cap of $1,149,825, in high-cost areas. The previous loan limits were $726,200 and $1,089,300, respectively.

C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) both have long advocated for loan limits that reflect an area’s cost of housing. As a result of C.A.R.’s and NAR’s efforts, areas with high median home prices have benefited from a loan limit above the national conforming loan limit.

The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or “guarantee.”

See 2024 conforming loan limits across the U.S. by county.

Source: https://www.car.org/en/aboutus/mediacenter/news/2024fhfaloanlimit