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New Loan Limits for 2024 have been announced!

By Matt Brady

Mortgage and Lending with Watermark Capital NMLS #311662

November 28, 2023 11:27 AM

The new maximum loan limits were announced by the Federal Housing Finance Agency for conforming loans. Loan limits will vary depending on the county, but for most of the United States, the 2024 maximum loan limit for one-unit properties will be $766,550, an increase from $726,200 (2023 limit). Conforming Loan Limits refers to the maximum loan amounts that Fannie Mae and Freddie Mac will allow for financing one, two, three, and four-unit properties. Contact us to learn more about how this impacts your buying power.

Effective January 1, 2024, the maximum conforming loan limits for San Diego County finally topped $1M and will be $1,006,250.

This will also affect FHA loans and will increase the limits allowed for Reverse mortgages which will be a great benefit for retirees.

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Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Thanks, Matt, for the update. Nice to see the limit increase as home prices increase. Charlotte is not in the high cost area,

Nov 28, 2023 11:47 AM

Matt Brady

San Diego, CA

Matt Brady

Hi Nina, all of NC is the base $766,550. I started when it was $417,000 in San Diego, it has more than doubled.

Nov 28, 2023 03:38 PM

Will Hamm

Hamm Homes - Aurora, CO

"Where There's a Will, There's a Way!"

Hello Matt and thank you for the update on this suggest. Is this different in each area?

Nov 28, 2023 01:10 PM

Hi WIll, Every county in the country has its own limit. What county are you in?

Nov 28, 2023 03:39 PM

John Pusa

Glendale, CA

Hello Matt Brady the new 2024 conforming loan limits will benefit many home buyers.

Nov 28, 2023 02:23 PM

I agree John. The FHA just raised the HECM limit for a reverse to $1,149,825, and they will allow seller or builder concessions, which is new.

Nov 28, 2023 03:44 PM

Matt Brady thank you for the new conforming limits updates in La County.

Nov 28, 2023 08:12 PM

If you are in LA County your new conforming limits are $,1,149,825

Nov 28, 2023 03:49 PM

George Souto

George Souto NMLS #65149 - Middletown, CT

Your Connecticut Mortgage Expert

Matt Brady good job in putting out the word. These loan limits are a far cry from when I first started as a Loan Originator.

Nov 28, 2023 02:47 PM

Hi George, If only I could still buy a house in San Diego for $417,000.

When I moved here in 1977 a 2 BR ocean-view condo was $105,000. They are $1.4 million now.

Nov 28, 2023 03:45 PM

Colby Bradshaw

SIO - Albany, NY

This will also have an impact on FHA loans, and it survivor io will also raise the limitations that are permitted for reverse mortgages, which will mean that retirees will receive a significant advantage.

Jan 15, 2024 08:38 PM

Watermark Capital - San Diego, CA

San Diego's Equity Advisor

Hi Colby, The FHA just raised the HECM limit for a reverse to $1,149,825, and they will allow seller or builder concessions, which is new.

Jan 16, 2024 08:34 AM

New Loan Limits for 2024 have been announced!

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