2024 Conforming Loan Limits Announced

December 1st, 2023

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2024 conforming loan limits have been announced! New loan size limits are set each year on conventional mortgages that Freddie Mac or Fannie Mae will buy from mortgage lenders. You can see the 2023 loan limits in the chart below. For 2024, the conforming loan limit for a single-family home has increased from $726,200 to $766,550. That is about a 5.5% increase! Loan limits go even higher for 2-4 unit homes.

In most areas, the maximum conforming loan limits for 2024 are as follows:

Single-family property $766,550

2 unit (Duplex) $981,500

3 unit (Triplex) $1,186,350

4 unit (Four Plex) $1,474,400

Anything larger than 4 units is considered a commercial loan which doesn’t qualify for a residential conforming loan.

High cost areas

But if you live in a high cost area, the conforming loan limit may be even higher. These loans are called conforming “high balance” loans and can come at a slightly higher interest-rate. Those loan limits are:

Single-family property $766,551 – $1,149,825

Duplex $981,501 – $1,472,250

Triplex $1,186,351 – $1,779,525

Four Plex $1,474,401 – $2,211,600

Any mortgage amount higher than what is outlined above is considered a jumbo loan. Jumbo loans are subject to different requirements. They require higher credit scores, larger down payments, cash reserves requirements, and may have a higher interest-rate.

History of Conforming loan amounts

Check out how conforming loan limits for single family homes have changed throughout the years, dating all the way back to my first year in the business, 1986! Conforming loan limits are almost 6 times what they were in 1986! But notice from 2006 to 2016 the loan limits didn’t increase at all. That was during a massive economic recession and real estate correction. I find this to be really interesting data.

Year Loan Limit
2024

2023

$766,550

$726,200

2022 $647,800
2021 $548,250
2020 $510,400
2019 $484,350
2018 $453,100
2017 $424,100
2016 $417,000
2015 $417,000
2014 $417,000
2013 $417,000
2012 $417,000
2011 $417,000
2010 $417,000
2009 $417,000
2008 $417,000
2007 $417,000
2006 $417,000
2005 $359,650
2004 $333,700
2003 $322,700
2002 $300,700
2001 $275,000
2000 $252,700
1999 $240,000
1998 $227,150
1997 $214,600
1996 $207,000
1995 $203,150
1994 $203,150
1993 $203,150
1992 $202,300
1991 $191,250
1990 $187,450
1989 $187,600
1988 $168,700
1987 $153,100
1986 $133,250

Mortgage guidelines can change at any time. Always talk to an experienced mortgage loan officer who will help you understand the current guidelines and how they might apply to you.

Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.

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