New loan limits for FHA and conforming loans have increased in 2024. The Federal Housing Administration has increased FHA loan limits to $498,257 in 2024, up from $472,030 in 2023. The Federal Housing Finance Agency has announced that the new conforming loan limit for 2024 is $766,550, an increase from $726,200 in 2023.
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These limits apply to single-unit properties in most areas. Loan limits may be increased in higher cost of living areas, like Hawaii and Alaska, as well as counties in certain states.
These new limits help to boost homebuyer purchasing power, making larger loans more accessible in the current market. This can also assist homeowners whose loans were once considered “JUMBO,” or above the previous conforming loan limit, refinance their mortgage to obtain a lower rate and possibly even qualify to eliminate their mortgage insurance.
How Does This Impact Your Purchasing Power?
“The increase in the FHA base loan amount is going to empower first-time home buyers, or buyers looking to do their first move-up home purchase, to participate in a more competitive housing market,” says Acrisure Mortgage Regional Manager Jay Zerquera. “They are able to put down as little as 3.5% for a down payment, allowing them to compete with other offers without depleting their savings.”
In certain areas, real estate values can vary significantly based on location. “A higher loan limit provides buyers with the flexibility to explore homes in different neighborhoods or regions, allowing them to choose a location that aligns with their lifestyle and preferences,” says Acrisure Mortgage’s Scott Stinson.
To read the Federal Housing Finance Agency’s announcement, click here. For FHA’s announcement, click here.
Effective immediately, Acrisure Mortgage’s loan programs will be updated to align with the new loan limits.
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About Acrisure Mortgage
Acrisure Mortgage (formerly FBC Mortgage, LLC) is a Top 10 national mortgage lender headquartered in Orlando, Florida. Licensed in 49 states and supported by more than 19,000 dedicated professionals across Acrisure, we specialize in residential mortgage lending through both retail and wholesale/correspondent channels. Our comprehensive offerings include purchase, refinance, construction and renovation loans—tailored to meet the unique needs of homebuyers, homeowners and partners nationwide.
We are proud to serve as a trusted partner to many of the nation’s largest homebuilders and real estate professionals, with a strong foundation of loyal, satisfied clients. Recognized for our commitment to service, innovation and operational excellence, Acrisure Mortgage has received numerous national accolades, including Top 50 Mortgage Companies, Best in Loan Delivery and Best Place to Work honors.
As part of the Acrisure family, we are backed by a global fintech leader that shares our values of innovation, integrity and service. Together, this empowers us to expand our capabilities, leverage world-class technology and resources, and grow alongside the clients and communities we serve.
All information presented is for educational purposes only and not intended as financial advice. NMLS ID#152859 EHL ©2025.
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