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:
https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limit-Map.aspx
Regina Singh 714-883-5205 