Aspiring homeowners utilizing FHA loans can rejoice in the expanded opportunities awaiting them in 2024. The U.S. Department of Housing and Urban Development (HUD) has augmented FHA loan limits across most U.S. counties this year, elevating the potential for securing mortgages with minimal down payments. At Choice Mortgage Group, headquartered in vibrant Boca Raton, FL, and licensed across 14 states, we’re excited to explain the 2024 FHA Loan Limits and share insights on leveraging these updated limits.
Understanding the 2024 FHA Loan Limits
FHA loans provide insurance for primary residences, offering a financial ceiling that dictates the property’s cost eligible for financing. These limits are delineated at the county level and undergo annual adjustments, mirroring the process for conforming loan limits administered by the Federal Housing Finance Agency for Fannie Mae and Freddie Mac-backed loans.
FHA Loan Limits for 2024
For single-family home loans, the FHA loan limits span from a floor of $498,257 to a ceiling of $1,149,835. Exceptionally, high-cost areas beyond the continental U.S. boast even loftier limits, exemplifying the extended purchasing potential for FHA borrowers.
Locating Your FHA Loan Limit
Easily ascertain the limit for your county or state using HUD’s convenient online tool designed for FHA loan limits: HUD FHA Loan Limit Search Tool
Determining FHA Loan Limits: A Breakdown
FHA calculates these limits by considering two pivotal factors: current conforming conventional loan limits and the median home price within an area. It adheres to the national conforming loan limits established by the Federal Housing and Finance Agency, establishing a “floor” at 65% and a “ceiling” at 150% of these limits.
For 2024, with the national conforming loan limit for a one-unit property set at $766,550, the FHA delineates its limit as $498,257 in low-cost areas and $1,149,825 in high-cost zones. Additionally, FHA adjusts the loan limit to 115% of the median home sale price if it surpasses this threshold.
Essential FHA Loan Requirements
Beyond loan limits, FHA loans feature specific borrower requisites that differentiate them from other loan types. These include:
Navigating Your FHA Loan Journey
When seeking an FHA loan, the terms and rates are determined by private mortgage lenders despite government insurance. Hence, exploring various lenders becomes pivotal.
Shopping Tips for FHA Loans:
At Choice Mortgage Group, we’re committed to empowering you with valuable insights and support throughout your FHA loan journey. With the increased 2024 limits, seize the opportunity to realize your homeownership dreams more readily. Contact us today to explore your options and embark on your home-buying venture with confidence!
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
© 2024 Choice Mortgage Group. All Rights Reserved. Web Managed by IWD Marketing
To help the government fight the funding of terrorism and money laundering activities, Federal law requires us to obtain, verify, and record information that identifies each person who applies for a mortgage loan or other financial services with this establishment. We will ask for your name, address and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.