JUST RELEASED: FHFA ANNOUNCES NEW (HIGHER) MORTGAGE LOAN AMOUNT LIMITS FOR 2024

Annually, the Federal Housing Finance Administration (FHFA) convenes to evaluate the real estate market's expansion over the past year. Should there be an uptick in sales prices, adjustments are made to the apex loan quantities for Conventional mortgages, ensuring these loan programs align with the evolving housing costs and aiding the average buyer in acquiring standard financing.

For 2024, the upper limit for loans has officially been increased from $726,200 to $766,550, marking a $40,350 increment, or a 5.5% surge compared to the prior year of 2023. 

Despite elevated interest rates, the real estate sector, particularly in Florida, remains robust. Property values continue to climb, albeit at a decelerated pace. 

The selling process has elongated slightly, with reduced competition from minor investors, a stark contrast to the frenzied market of 2021.

In most areas of the country, the revised conventional loan size caps are as follows: 

• $766,550 for a single unit home
• $981,500 for two unit homes
• $1,186,350 for three unit homes
• $1,474,400 for four unit homes 

In "high-cost" areas like Monroe County (Florida Keys), these limits are even higher. For conventional loans in Monroe County, they range from $929,200 for a single unit to $1,786,950 for four units. 

FOR A MAP OF LOAN LIMITS FOR ALL STATES and COUNTIES, VISIT THE FHFA HERE: https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limit-Map.aspx 

Similarly, FHA loan limits have also escalated: 

• $498,257 for a single unit home
• $637,975 for two unit homes
• $771,127 for three unit homes
• $958,360 for four unit homes

In "high-cost" areas like Monroe County (Florida Keys), these limits are even higher. For conventional loans there, they range from $929,200 for a single unit to $1,786,950 for four units.  

FHA loan limits in Monroe County, FL stretch from $603,980 for one unit to $1,161,517 for four units.

WRAPPING UP 

If you’re going bigger than these amounts, we have all sorts of larger JUMBO loan options, including our portfolio loans, asset-based mortgages, combo loans, bank statement loans, 1099 loans and profit and loss loans up to $3MM.

As always, if you’re looking to purchase, refinance or get preapproved to purchase a home anywhere in the state of Florida, we’d love to help.  Simply give us a call so we run some numbers for you and answer all your questions! 

You can also drop us a line HERE »

Yours in successful homeownership,

Derek Bissen
Loan Originator
NMLS#365627
Unconventional Lending Program Director

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About the Author: 

Derek Bissen is a licensed Mortgage Loan Originator with over 25 years of experience in the industry. Derek is a self-employed lending expert who is known for his ability to work with borrowers who have substantial wealth and non-traditional lending needs. He is a creative loan structurer and specializes in portfolio lending, asset-based lending, bank statement lending, as well as traditional loans such as Conventional, FHA, VA, and first-time homebuyers.

Derek's expertise in the mortgage industry is unparalleled. He is a trusted advisor to his clients, providing them with customized loan solutions that meet their unique financial goals and needs. His vast experience and knowledge make him a valuable asset to anyone looking to purchase a home or refinance their existing mortgage.

As a highly-experienced loan originator and author, Derek is committed to sharing his knowledge with others. He regularly provides valuable insights and advice to readers looking to navigate the complex world of mortgage lending. His articles are informative, engaging, and backed by years of hands-on experience.

With his wealth of knowledge and dedication to his clients, he is the go-to source for all your mortgage lending needs. If you're looking for a reliable and trustworthy mortgage expert, contact Derek today to learn more about how he can help you achieve your financial goals.