FHA Increases Loan Limits for 2024
The Federal Housing Administration (FHA) on Nov. 28 announced its loan limits for 2024. The nationwide rise in median home prices indicates most buyers across the country will see increases.
The FHA floor will increase from $472,030 to $498,257 for single-family home loans. The floor amount is the lowest the FHA loan limit can be for any area of the country. FHA’s ceiling loan limits, the maximum loan amount the agency will insure, will increase from $1,089,300 to $1,149,825 for a single-family property. The ceiling rises even higher to $1,724,725 in Alaska, Hawaii, Guam and the U.S. Virgin Islands.
The following table lists the 2024 FHA loan limits for low- and high-cost areas:
Property Size | Low-Cost Area “Floor” | High-Cost Area | Alaska, Hawaii, Guam and U.S. Virgin Islands “Ceiling” |
One-Unit | $498,257 | $1,149,825 | $1,724,725 |
Two-Units | $637,950 | $1,472,250 | $2,208,375 |
Three-Units | $771,125 | $1,779,525 | $2,669,275 |
Four-Units | $958,350 | $2,211,600 | $3,317,400 |
The new loan limits will apply to all loans assigned FHA case numbers on or after Jan. 1, 2024. The 2024 FHA loan limits by Metropolitan Statistical Area (MSA) or county can be reviewed on FHA’s loan limits page.
FHA also increased the loan limits for its Home Equity Conversion Mortgage (HECM), or reverse mortgage program, to $1,149,825 effective Jan. 1, 2024. The HECM program regulations do not allow loan limits to vary by MSA or county, so this limit applies to all mortgages regardless of location.
View the HUD press release for more details.
Latest from NAHBNow
May 21, 2025
New Resources on the Safe Use of Mobile Elevated Work Platforms (MEWP)Mobile Elevated Work Platforms (MEWPs) are vehicle-mounted machine lifts used to help workers complete tasks more efficiently in an elevated position. They are commonly used across the construction industry because of their ability to reach and maneuver around elevated areas.
May 20, 2025
Podcast: One Big, Beautiful Podcast – NAHB Talks Tax BillOn the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez are joined by AVP of Government Affairs J.P. Delmore to dive into the “big, beautiful” tax bill that’s been introduced.
Latest Economic News
May 21, 2025
Gains for Multifamily Missing Middle over Last YearThe missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties.
May 20, 2025
Single-Family Home Size Trending HigherAn expected impact of the virus crisis was a need for more residential space, as people used homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended lower.
May 20, 2025
Slight Gains for Townhouse ConstructionTownhouse construction expanded more than 2 percent on a year-over-year basis per data from the first quarter of 2025.