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
Membership
Feb 06, 2026
A Message from Jim Chapman, Candidate for NAHB 2026 Third Vice ChairmanThe election for Third Vice Chairman will take place at the Leadership Council meeting during the 2026 International Builders' Show.
Codes and Standards
Feb 06, 2026
Learn About the 2024 IECC in Free Video Series for NAHB MembersNAHB is now offering members a free educational video series on the 2024 International Energy Conservation Code. The videos break down key differences between the 2024 IECC and past editions, focusing on changes that improve usability and what they mean for construction costs.
Latest Economic News
Economics
Feb 06, 2026
The Size of the Housing Shortage: 2024 DataPersistently low homeowner and rental vacancy rates indicate that the U.S. housing market remains structurally undersupplied.
Economics
Feb 05, 2026
Job Openings Fall as Labor Market WeakensRunning counter to the data for the full economy, the count of open, unfilled positions in the construction industry increased in December, per the delayed Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down measurably from two years ago due to declines in construction activity, particularly in housing.
Economics
Feb 04, 2026
Mortgage Rates Declined Despite Higher Treasury YieldsLong-term mortgage rates continued to decline in January. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.10% last month, 9 basis points (bps) lower than December. Meanwhile, the 15-year rate declined 4 bps to 5.44%. Compared to a year ago, the 30-year rate is lower by 86 bps. The 15-year rate is also lower by 72 bps.