Homebuyers who want to purchase a home with a conventional conforming loan can look forward to higher loan limits in 2024. Fannie Mae has announced a 5.56% increase in the baseline conforming loan limit. For a single unit, the limit has jumped from $726,200 to $766,550.
The higher conforming loan limits for 2024 will make it possible for more borrowers to purchase homes without needing to take out a non-conforming jumbo loan.
Baseline Conforming Loan Limits for 2024
The maximum baseline conforming loan amounts for the contiguous states, the District of Columbia, and Puerto Rico are:
- 1 unit: $766,550
- 2 units: $981,500
- 3 units: $1,186,350
- 4 units: $1,474,400
The baseline conforming loan limits for 2024 are higher in Alaska, Guam, Hawaii, and the US Virgin Islands.
Something else that is important to know is that in certain high-cost counties, there are corresponding higher conforming loan limits. When you are shopping for a home, look up the conforming loan limits for the individual county where the home is located. In fact, this is something we can do for you when you contact us for a consultation.
While there are benefits to being able to buy a home with a conforming loan, jumbo loans are a more flexible option than many homebuyers realize, and even first-time homebuyers can qualify for a jumbo loan. So, regardless of how much you need to borrow, there are opportunities to buy a home with a competitive mortgage.
Buy a Home with a Conforming or Non-Conforming Loan
If you are ready to apply for a mortgage, please give us a call today at (248) 788-0800 to schedule your consultation. We can help you buy a home in Michigan or 15 other states with the type of mortgage that is suitable for your needs.
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