2024 Conforming Loan Limits

11/28/2023 3:56:17 PM

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The conforming loan limit has increased to $766,550 for 2024. This is up from $726,200 in 2023, corresponding with the slow-but-steady rise in home prices.

What are conforming loan limits?

Conforming loan limits are the maximum amounts for mortgages backed by government-sponsored entities (GSEs) Fannie Mae and Freddie Mac. The Federal Housing Finance Agency (FHFA) sets the limits each year to stabilize the housing market.

Impact to Homebuyers

Mortgages that fall within the conforming loan limits typically come with better terms and lower interest rates compared to non-conforming loan types.
When the limit goes up, so does the pool of eligible borrowers on the higher end of the price spectrum.
 

Rates by County

The limit does differ in some counties throughout the U.S. See the full list of 2024 limits by county here.
 

Your dreams shouldn’t wait.

2024 could be the year you achieve your homebuying dreams.
Our mortgage lenders are highly knowledgeable on your options and can help you navigate the process of what’s best for your unique needs and goals.

Let’s start with a conversation. Contact us today!