2024 FHA Conforming Loan Limits is now available!

Effective January 1, 2024, the FHA national loan limit for a one-unit property is $766,550. FHA's 2024 minimum national loan limit floor of $498,257 for a one-unit property is set at 65 percent of the national conforming loan limit. This floor applies to those areas where 115 percent of the median home price is less than the floor limit. Any area where the loan limit exceeds this floor is considered a high-cost area.   In these areas, FHA establishes varying loan limits above the floor based upon the respective median home prices in each area. In about 65 high-cost areas of the country, the FHA's loan limit ceiling will increase even more--from $1,089,300 to  $1,149,825. High-cost areas are places where 115% of the median home price is greater than the floor.  What is the FHA Loan Limit? The Federal Housing Administration, or FHA, was created to support low to moderate income homebuyers. The FHA sets loan limits each year for buyers utilizing FHA loans (any loan from a bank or mortgage company that is insured or backed by the FHA) and those limits are based on the average home price for the area in which you are buying a home. The more expensive the average home, the higher the loan limit. The limit is calculating at 11% of the area's median home price, or 150% in high-cost areas. Each year, the FHA adjusts the loan limits based on the most current sales data available. The loan limits fluctuate with the industry, rising and decreasing with home prices. This is to ensure that buyers in high-cost areas have a fair chance at securing a loan that can help them get into an expensive market. 1. Mortgage limits for the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands are adjusted by FHA to account for higher costs of construction. Download a copy of the 2024 FHA Loan Limit for CA by County here: The information contained herein is for informational purpose only and Chicago Title Company makes no express or implied warranty regarding the information presented and assumes no responsibility for errors or omissions. For the most current and accurate information available, please refer to www.FHFA.gov. Promotional materials created by Chicago Title Regional Marketing Dept. in CA.

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