The FHA Raises Loan Limits 2024

The Federal Housing Administration (FHA) has just increased the amount of money that can be borrowed through its mortgage programs by more than $26K in most areas. In high-cost locations, the increase is even greater. New limits will take effect in 2024.

This news could make a big difference for homebuyers!

The increases will allow more borrowers to take advantage of FHA’s benefits:

• Low down payment options
• Lower total cash-to-close requirements with gift or seller contributions
• More lenient and streamlined refinancing
• Ability to combine purchase and rehab financing
• In some high-cost areas, higher loan limits than conventional mortgages

Here are the specifics:

• In most areas, the FHA loan limit will be $498,257, a 5.56% increase over 2023’s limit of $472,030.
• In most high-cost areas, the limit moves to $1,149,825, a 5.56% increase over 2022’s $1,089,300.
• In some lower-cost areas or those with higher costs of construction, limits will vary.

If you have questions about what this change could mean for you, please reach out at 888-616-9885 or click here to contact us.

And if you have friends who may benefit from the news, please pass it along. We would be honored to help them too.