FHFA Unveils 2024 Conforming Loan Limit Increases: What You Need to Know

The Federal Housing Finance Agency (FHFA) just dropped some significant updates that will impact the housing market in 2024 in Boca Raton, South Florida, and beyond. These changes revolve around the conforming loan limit values (CLLs) for mortgages acquired by Fannie Mae and Freddie Mac (the Enterprises). You can access the full FHFA press release here.

Let’s break down the key highlights:

National Baseline:

In most parts of the United States, the CLL value for one-unit properties in 2024 is set at $766,550. This marks a substantial increase of $40,350 from 2023. These adjustments are a result of the Housing and Economic Recovery Act (HERA), mandating changes in response to shifts in the average U.S. home price.

High-Cost Areas:

Areas where 115 percent of the local median home value exceeds the baseline CLL will experience loan limits surpassing the baseline. For these regions, the new ceiling loan limit for one-unit properties will reach $1,149,825, which equals 150 percent of the baseline limit.

Special Provisions:

Alaska, Hawaii, Guam, and the U.S. Virgin Islands have different loan limit considerations. In these areas, the baseline loan limits for one-unit properties will be set at $1,149,825.

What’s the driving force behind these changes? Rising home values, not only in South Florida, but across the country, have impacted CLL values in all but five U.S. counties or county equivalents.

This update carries significant implications for both buyers and sellers in our market. It’s crucial information to consider while navigating the real estate landscape in the upcoming year.

For a deeper understanding of these changes and their implications, we encourage you to review the full FHFA announcement.

This adjustment signals promising opportunities in the real estate sector and underscores the importance of staying informed and proactive in leveraging these changes.

Boca Raton’s Real Estate Landscape

Boca Raton boasts a thriving economy, attracting a diverse pool of homebuyers. Should you have any inquiries or require further insights, please don’t hesitate to reach out. Let’s work together to capitalize on these exciting developments in the real estate industry!

Choice Mortgage Group is dedicated to helping people improve their financial situations and create lasting memories through home ownership – one loan at a time. Our team of mortgage experts build customized solutions for each of our clients, based on their specific situations, goals, and objectives.

Specializing in residential mortgage lending for over 25 years, our programs include conventional and government lending, purchases, and refinances. We also offer portfolio lending for self-employed borrowers and borrowers with complicated tax situations.

Now licensed in 14 states, South Florida is where Choice Mortgage Group started, and we like to call it home. We are devoted Florida Atlantic University Owls fans and are proud to be the official mortgage lender partner of FAU Athletics. We also support numerous other local organizations. For more information about Choice Mortgage Group, visit www.choicemortgage.com.

Choice Mortgage Group

2424 N Federal Hwy, Suite 100Boca Raton, FL 33431

(561) 395-6900

info@choicemortgage.com