FHFA Announces Increase to Conforming Loan Limit Values for 2024
The Federal Housing Finance Agency raised the conforming loan limit values for mortgages to be acquired by Fannie Mae and Freddie Mac for one-unit properties to $766,550 in 2024, an increase of $40,350 from 2023.
The Housing and Economic Recovery Act requires FHFA to adjust the baseline CLL value each year to reflect the change in the average U.S. home price.
FHFA recently published its third-quarter 2023 FHFA House Price Index report, which includes statistics for the increase in the average U.S. home value over the last four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 5.56%, on average, between the third quarters of 2022 and 2023. Therefore, the baseline CLL in 2024 will increase by the same percentage, the agency said.
For areas in which 115% of the local median home value exceeds the baseline conforming loan limit value, the applicable loan limit will be higher than the baseline loan limit. The new ceiling loan limit for one-unit properties will be $1,149,825, which is 150% of $766,550.
Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limits will be $1,149,825 for one-unit properties.
Due to rising home values, the CLL values will be higher in all but five U.S. counties or county equivalents, FHFA said.
FHFA also provided the following resources:
List of 2024 conforming loan limits for all counties and county-equivalent areas in the United States.
A map showing the 2024 conforming loan limits across the United States.
Detailed addendum of the methodology used to determine the conforming loan limits.
List of FAQs that covers broader topics that may be related to CLL values.
