FHA Increases Loan Limits for 2024

Housing Finance
Published
Contact: Curtis Milton
cmilton@nahb.org
(202) 266-8597

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.

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