In the last week of November 2023, new FHA loan limits were issued for 2024. Those new limits (see below) are for forward mortgages approved under the FHA Single Family Home Loan program.
Higher FHA Loan Limits In 2024
FHA loan limits increase for a large number of applicants in 2024. HUD.gov says the limits will increase for most of the country, and a HUD press release says that FHA loan limits are increasing at least in part due to increases in property values in 2023.
That’s according to Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. The changes to FHA loan limits are meant to help buyers to find affordable homes, “at a time when a lack of affordability threatens to shut well qualified borrowers out of the market.”
FHA Home Loan Limits For 2024
FHA loan limits in 2024 for a single-unit property is $766,550.
The FHA 2024 minimum national loan limit has a floor of $498,257 for a one-unit property. That is based on the calculation setting the floor at 65 percent of the national conforming loan limit. According to HUD.gov, the floor applies to those areas “where 115 percent of the median home price is less than the floor limit.”
The following FHA loan limits are for FHA case numbers assigned on or after January 1, 2024. If you have an FHA loan case number prior to 2024, that year’s limits apply.
Single-Unit Homes
- Low-cost floor: $498,257
- High-cost ceiling: $1,149,825
- Alaska, Hawaii, Guam, and U.S. Virgin Islands Ceiling: $1,724,725
- Mortgage limits for the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands are adjusted by FHA to account for higher construction costs.
Two Units
- Low-cost floor: $637,950
- High-cost ceiling: $1,472,250
- Alaska, Hawaii, Guam, and U.S. Virgin Islands Ceiling: $2,208,375
- Mortgage limits for the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands are adjusted by FHA to account for higher construction costs.
Three Units
- Low-cost floor: $771,125
- High-cost ceiling: $1,779,525
- Alaska, Hawaii, Guam, and U.S. Virgin Islands Ceiling: $2,669,275
- Mortgage limits for the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands are adjusted by FHA to account for higher construction costs.
Four Units
- Low-cost floor: $958,350
- High-cost ceiling: $2,211,600
- Alaska, Hawaii, Guam, and U.S. Virgin Islands Ceiling: $3,317,400
- Mortgage limits for the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands are adjusted by FHA to account for higher construction costs.
The maximum loan limits for FHA forward mortgages increased in more than 3,130 counties. More than 90 counties have FHA loan limits that are unchanged.
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