FHA Announces Loan Limits for 2024

November 30, 2023

Federal law requires the government to establish conforming loan limits each year using a formula dictated by the National Housing Act. This law requires the government to set limits using Metropolitan Statistical Area data for three home cost categories.

In the last week of November 2023, the Federal Housing Administration and the Department of Housing and Urban Development issued FHA loan limits for 2024.

The limits listed below are for the FHA Single Family Home Loan program, and there are different rates for single-unit homes all the way up to FHA loan limits for four-unit properties.

FHA Loan Limits Increase for the Coming Year

FHA loan limits are going up for “most of the country,” according to a press release on HUD.gov, which notes that FHA loan limits are increasing due to increases in property values in 2023.

“The statutory loan limit increases announced today reflect the continued rise in home prices seen throughout most of the nation in 2023.”

That’s according to Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon, who adds, “The increases to FHA’s loan limits will enable homebuyers to use FHA’s low-down-payment financing to access homeownership at a time when a lack of affordability threatens to shut well qualified borrowers out of the market.”

FHA Home Loan Limits for 2024

According to HUD.gov, the FHA loan limit in 2024 for a one-unit property is $766,550.

“FHA’s 2024 minimum national loan limit floor of $498,257 for a one-unit property is set at 65 percent of the national conforming loan limit. This floor applies to those areas where 115 percent of the median home price is less than the floor limit.”

FHA maximum loan limits increase in 3,138 counties. 96 counties won’t experience any changes. The following FHA loan limits are effective for FHA case numbers assigned on or after January 1, 2024. 

Mortgage limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands have different loan limits to offset higher construction expenses in those areas.
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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
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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
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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
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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 will rise in 3,138 counties. In 96 counties, FHA’s loan limits will remain unchanged.

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