New, Higher Loan Limits! November 29, 2023

The Federal Housing Finance Agency just announced that for 2024 the conforming maximum loan limits have been increased.  Not surprising with home values still on the rise, and typically this happens every yeasr.

In most areas, the new conforming loan limit for 2024 will be $766,550.  For what they call “high cost” areas, the loan limit is $1,149,825.  Where are high cost areas?  Contact me and I can tell you, but here in Eastern Idaho a couple areas are the Driggs/Victor and Sun Valley areas.

This will help some borrowers.  If a person wants to borrow more than the conforming loan limit, then that loan becomes “non – conforming” or a “jumbo” loan.  And those rates are higher and the terms are different.  This will help some borrowers get better rates for higher cost homes.