New Loan Limits Boost Homebuyer Purchasing Power

New Loan Limits Boost Homebuyer Purchasing Power

New loan limits for FHA and conforming loans have increased in 2024. The Federal Housing Administration has increased FHA loan limits to $498,257 in 2024, up from $472,030 in 2023. The Federal Housing Finance Agency has announced that the new conforming loan limit for 2024 is $766,550, an increase from $726,200 in 2023.

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These limits apply to single-unit properties in most areas. Loan limits may be increased in higher cost of living areas, like Hawaii and Alaska, as well as counties in certain states.

These new limits help to boost homebuyer purchasing power, making larger loans more accessible in the current market. This can also assist homeowners whose loans were once considered “JUMBO,” or above the previous conforming loan limit, refinance their mortgage to obtain a lower rate and possibly even qualify to eliminate their mortgage insurance.

How Does This Impact Your Purchasing Power?

“The increase in the FHA base loan amount is going to empower first-time home buyers, or buyers looking to do their first move-up home purchase, to participate in a more competitive housing market,” says FBC Mortgage Regional Manager Jay Zerquera. “They are able to put down as little as 3.5% for a down payment, allowing them to compete with other offers without depleting their savings.”

In certain areas, real estate values can vary significantly based on location. “A higher loan limit provides buyers with the flexibility to explore homes in different neighborhoods or regions, allowing them to choose a location that aligns with their lifestyle and preferences,” says FBC Mortgage’s Scott Stinson.

To read the Federal Housing Finance Agency’s announcement, click here. For FHA’s announcement, click here.

Effective immediately, FBC Mortgage’s loan programs will be updated to align with the new loan limits.

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Connect with one of our loan officers in your area today.

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Why Choose FBC Mortgage?

FBC Mortgage, LLC is a leader in helping home buyers with fast and simple loans. We’re dedicated to exceptional customer service and are always available when you need us most, even at night and on the weekend. We’ll help you navigate your new home purchase, and keep you updated along the way with weekly check ins, so you know you’re taken care of. That’s one of the many reasons why 95% of our clients would recommend us to their friends and family. It’s also why the nation’s top home builders and Realtors trust FBC to help their new home buyers.

Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At FBC Mortgage, LLC, we’re dedicated to helping home buyers finance their dream home.

All information presented is for educational purposes only and not intended as financial advice. FBC Mortgage, LLC is a national mortgage lender headquartered in Orlando, Florida. Specializing in residential mortgage lending, including purchase, refinance, construction, and renovation loans. See what our clients have to say. NMLS#152859 EHL ©2024.