The 2024 Conforming Mortgage Loan

Limits Are Here

November 28, 2023

Hello Home Buyer.

I'm not going to lie... today is my favorite mortgage day of the year.

(Yes, I have a favorite mortgage day.)

Today is my favorite mortgage day because it's the day the Federal Housing Finance Agency (FHFA) releases mortgage loan limits for the upcoming year.

I was mashing my refresh button all morning long. But, now the data is here.

And I can relax a little bit.

Here's what you need to know: No matter where you where you want to buy your first home, your mortgage loan limit is changed for 2024.

That's excellent news.

So, here's what I recommend doing next:

1. Go find your mortgage loan limit using our interactive tool. Type in any location and we'll give you the how much you can borrow there.

2. Watch our YouTube video that talks about mortgage loan limits and how to use them.

3. Test a mortgage pre-approval to see how much home you can afford.

Like I said, this is my favorite mortgage day of the year. I'm downright giddy. So let me know what I can do to help you stop renting and start owning. Our team is here to help.

Happy Homebuying!

HOMEBUYER.COM STATISTIC OF THE DAY
Source: FHFA

Conforming Mortgage Loan Limit by Year:

• 2024: $766,550

• 2023: $726,200    

• 2022: $647,200    

• 2021: $548,250    

• 2020: $510,400    

• 2019: $484,350    

• 2018: $453,100    

• 2017: $424,100    

• 2016: $417,000    

• 2015: $417,000    

• 2014: $417,000

Data based on baseline conforming loan limits for 1-unit properties including single-family residences, condos, townhomes, and row homes.

SHORTS FROM OUR YOUTUBE  

Today's story: Home builders aren't building any faster.

Every business day, we make a 60-second video for our customers, highlighting the latest and most important stories in mortgage and real estate. 

Subscribe to our YouTube channel for this and more.

MORTGAGE RATE CALENDAR
Upcoming events that may change the direction of mortgage rates

November 29, 2023: GDP

November 30, 2023: Personal Consumption Expenditures

November 30, 2023: Jobless Claims

November 30, 2023: Pending Home Sales

December 1, 2023: Construction Spending

FIRST-TIME HOME BUYER PROGRAMS
Status of select first-time home buyer bills in Congress
 
The Downpayment Toward Equity Act
A cash grant up to $25,000 for first-time, first-generation home buyers. 
- Last Action in Congress: June 21, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, 100% USDA

The DASH Act
A $15,000 first-time home buyer tax credit.
- Last Action in Congress: March 7, 2023
- Status: Not yet passed
- Alternative Mortgages: HomeReady, HomePossible

The HELPER Act
A 100% mortgage for teachers & first responders.
- Last Action in Congress: May 10, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, VA Mortgage

The LIFT Act
A mortgage that builds home equity faster.
- Last Action in Congress: June 22, 2023
- Status: Not yet passed
- Alternative Mortgages: None

The Middle Class Mortgage Insurance Premium Act

A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.

- Last Action in Congress: June 13, 2023
- Status: Not yet passed