2024 Loan Limits

While we are running about a month behind schedule for this post, here is our annual breakdown of FHFA's newest loan limits for 2024.  While we won't try to dive into two-, three-, or four-unit translations this intended to convey what Conventional and FHA loan limits are in most places nationwide for one unit properties. 

So without further delay, the new FHA limit would allow a max price of $516,328 if you put just the minimum 3.5% down.  This means a down payment at the price of approximately $18,071 before any closing costs or prepaid items.

As history has shown the conventional limit is higher.  If you put 3% down on a conventional loan you would be looking at maximum price $790,257 or with 5% down you would want to keep the price at or below $806,894.  These down payments would represent $23,707 at 3% down and $40,344 before any closing costs and prepaids.

Please know that this is not an offer of financing to anyone and that you should seek a licensed mortgage professional to learn what loan programs and loan amount you would qualify for based on your credit, income, and assets.  While these are big numbers, we want to encourage you in 2024 and say there are many other amazing programs like VA and USDA not mentioned here that might also be helpful to you.  If you are financing in Alabama or Florida and would like help planning your future purchase, renovation, or build we are happy to answer questions along the way. 

 

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