FHA Announces 2024 Loan Limits

FHA recently released Mortgagee Letter 2023-21 (regarding forward mortgage programs) and Mortgagee Letter 2023-22 (regarding Home Equity Conversion Mortgage (HECM) programs), which provide the mortgage loan limits for case numbers assigned on or after January 1, 2024.

For Title II forward mortgage programs, the new loan limit for one-unit properties in low cost areas will be $498,257 (up from $472,030 in 2023). In high cost areas, the new loan limit for one-unit properties will be $1,149,825 (up from $1,089,300 in 2023).  The maximum mortgage loan limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands will be $1,724,725 (up from $1,633,950 in 2023) for a one-unit property.  While the loan limits will rise in 3,138 counties, the loan limits will not change in 96 counties. 

For Title II HECM programs, the 2024 maximum claim amount in all areas, including Alaska, Hawaii, Guam, and the U.S. Virgin Islands, will be $1,149,825 (up from $1,089,300 in 2023).

The mortgage loan limits by county, state, or Metropolitan Statistical Area (MSA) can be found here.