FHA Announces 2024 Loan Limits
The Federal Housing Administration (FHA) announced new 2024 loan limits for the upcoming calendar year. The 2024 limit is $498,257 for one-unit properties in low-cost areas (increased from $472,030 in 2023). The new loan limits are effective for FHA case numbers assigned on or after January 1, 2024.
The National Housing Act requires the FHA to update its loan limits each year using a prescribed formula. This formula uses county or Metropolitan Statistical Area (MSA) home sale data to derive new loan limits for the three different cost categories established by the law.
2024 Forward Mortgage Loan Limits
| Property Size | Low-Cost Area “Floor” | High-Cost Area “Ceiling” | Alaska, Hawaii, Guam, and U.S. Virgin Islands “Ceiling” |
| One-Unit | $498,257 | $1,149,825 | $1,724,725 |
| Two-Units | $637,950 | $1,472,250 | $2,208,375 |
| Three-Units | $771,125 | $1,779,525 | $2,669,275 |
| Four-Units | $958,350 | $2,211,600 | $3,317,400 |
“The statutory loan limit increases announced reflect the continued rise in home prices seen throughout most of the nation in 2023,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “The increases to FHA’s loan limits will enable homebuyers to use FHA’s low-down-payment financing to access homeownership at a time when a lack of affordability threatens to shut well-qualified borrowers out of the market.”
E5 Home Loans is happy to provide pricing scenarios for under and over these loan limits. E5 shops rates and products so you can make the best-informed decision for your financial situation.
To find a complete list of FHA loan limits, and areas between the floor and the ceiling, visit FHA’s Loan Limits Page.
Source: www.hud.gov