Conventional Loan Limits - Great Content Authority (GCA) Forums

2024 Conforming Loan Limits

First Select Your State And Then Your County And The Conforming Loan Limits Will Appear.

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Conforming Loan Limits in Your County
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Conventional loan limits refer to the maximum loan amounts that can be borrowed using a conventional mortgage loan. These limits are set by the Federal Housing Finance Agency (FHFA) and are subject to change each year based on the housing market conditions.

In 2023, the baseline conventional loan limit for single-family homes was $473,030. However, in certain high-cost areas, the loan limits were higher. The FHFA sets these higher limits based on a percentage increase over the baseline limit. For example, in high-cost areas, the loan limit could be 150% of the baseline, resulting in a limit of $1,089,300.

Remember that these figures are specific to 2023, and loan limits may change for 2024. To get the most up-to-date information on conventional loan limits for the current year, it is best to check with the FHFA or a reputable mortgage lender.

Mortgage lenders will have the latest loan limit data and can provide accurate information based on your location and the type of property you’re interested in financing. However, it’s common for the Federal Housing Finance Agency (FHFA) to review and adjust the conforming loan limits annually to reflect changes in the housing market and the overall economy. These adjustments are typically based on the Federal Housing Finance Agency’s House Price Index (HPI). They may result in higher loan limits in certain areas to accommodate for increasing home prices.