The Federal Housing Finance Agency (FHFA) has announced new maximum conforming loan limits for 2024.
In Central and Western New York:
- The maximum conforming FHFA loan limit for one-unit properties will be $766,550. This is an increase of $40,350 over the 2023 limits.
- Multi-family property conforming limits also increased. Two-family properties are up to $981,500 and three-unit homes are up to $1,186,350. The new limit for four-unit properties is $1,474,400.
The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac. The adjustment reflects changes in the average U.S. home price. The percentage increase in the maximum conforming loan limit follows the Housing Price Index for the prior four quarters.
“The annual FHFA adjustment is an important tool for homebuyers,” said GRB’s SVP, Residential Mortgage Manager Mike Pulver. “The additional boost in limits provides better financing options for loans that would traditionally have fallen into the ‘jumbo’ category.”
For new loan applications or applications already in process, the loan amounts will be subject to 2023 limits as long as the loan closes by Dec. 31. Loans closing on Jan. 1 or after will fall under the 2024 limits.
FHA loan limits are expected to increase as well. We will post updates as they become available.
Contact GRB’s Mortgage Team with any questions.