Originating & Underwriting
The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limit values that apply to all conventional loans delivered to Fannie Mae. These include baseline and high-cost area loan limits; high-cost areas vary by geographic location.
Loan Limit Values for 2024
The conforming loan limits for 2024 have increased and apply to loans delivered to Fannie Mae in 2024 (even if originated prior to 1/1/2024). Refer to Lender Letter LL-2023-09 for specific requirements.
Maximum Baseline Loan Amount for 2024
| Units | Contiguous States, District of Columbia, and Puerto Rico | Alaska, Guam, Hawaii, and the U.S. Virgin Islands |
|---|---|---|
| 1 | $766,550 | $1,149,825 |
| 2 | $981,500 | $1,472,250 |
| 3 | $1,186,350 | $1,779,525 |
| 4 | $1,474,400 | $2,211,600 |
Maximum Ceiling for Loan Limits in High-Cost Areas for 2024
* Several states (including Alaska and Hawaii), Guam, Puerto Rico, and the U.S. Virgin Islands do not have any high-cost areas in 2024.
| Units | Contiguous States, District of Columbia, and Puerto Rico* | Alaska, Guam, Hawaii, and the U.S. Virgin Islands |
|---|---|---|
| 1 | $1,149,825 | |
| 2 | $1,472,250 | |
| 3 | $1,779,525 | |
| 4 | $2,211,600 |
2024 Loan Limits Overview
- Loan limit values increased for all but 5counties across the country, including Alaska, Hawaii, Guam and the U.S. Virgin Islands.
- In fivecounties, the limits remained unchanged.
- Twelve counties moved from being a high-cost areas (and subject to high-balance policy) to the baseline loan limits.
- One countymoved to the high-cost (and subject to high-balance policy) from the baseline loan limits.
2024 High-cost Counties/Metropolitan Statistical Areas (MSA)
- There are high-cost areas within the following states: California, Colorado, District of Columbia, Florida, Hawaii, Idaho, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Utah, Virginia, Washington, West Virginia, Wyoming.
- The high-cost area limits published inLender Letter-2023-09are the statutory ceilings provided by FHFA, but should not be used to determine the loan amount. Lenders must find the applicable loan limit for counties/MSAs in theLoan Limit Look-Up Tableor onFHFA's web page.
Use the interactive map to quickly look up loan limit values and income eligibility by area, property address or Federal Information Processing Standards (FIPS) code.
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