FHA Loan Limits for 2024 Released
The Federal Housing Agency announced the release of its much anticipated New FHA Loan Limits for 2024 effective with FHA case numbers assigned on or after January 1, 2024. This is exciting news for aspiring homeowners as it increases purchasing power for FHA borrowers. FHA set a new higher floor loan limit so all FHA loan limits have increased for 2024. If you want to apply for FHA Loan please give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE.
Key Highlights of the 2024 FHA Loan Limits
FHA Loans have a maximum loan limit set each year by the Department of Housing & Urban Development (HUD). HUD released the new loan limits in Mortgagee Letter 2023-21. The FHA Loan Limits apply to the following FHA Loan Types:
National Increase: The FHA has raised the national loan limit floor, allowing borrowers in more affordable areas to access a higher loan amount. The New National FHA Floor Loan Limit is $498,257 for a One Unit Property. Below is Chart of the Floor Loan Limits by Number of Units:
High-Cost Area Adjustments: Recognizing the varying cost of living across the country, the FHA has adjusted loan limits for high-cost areas, enabling borrowers in these regions to secure larger loans. The High-Cost Area New FHA Ceiling Loan Limit is $1,149,825 for One Unit Property.
Benefits for First Time Home Buyers: The increased loan limits are particularly advantageous for first-time homebuyers, offering them a broader range of housing options and potentially reducing the need for a substantial down payment.
Searching FHA Loan Limits: You can search FHA Loan limits for 2024 on the HUD Website by county and State. Click this link to search: FHA Mortgage Limits (hud.gov)
HECM Reverse Mortgage Loan Limits 2024
Home Equity Conversion Mortgages (HECM) MCA Reverse Mortgage Loan Limits for 2024 will be $1,149,825 (150 percent of Federal Home Loan Mortgage Corporation’s national conforming loan limit of $766,550. The MCS of $1,149,825 is also applicable to the special exception areas: Alaska, Hawaii, Guam, and the Virgin Islands.
Delaware FHA Loan Limits for 2024
Delaware FHA Loan Limits 2024 have increased in all three counties which are New Castle County, Kent County and Sussex County. The chart below shows the Loan limits by County and Unit:
How do you apply for the FHA Loan Limits for 2024?
If you are looking to take advantage of the increased FHA Loan limits for 2024, then you need to apply for an FHA Loan and make sure you lender doesn’t get an FHA case number assigned until January 1, 2024. This also means you cannot close until January 2024 or later. Call the John Thomas Team at 302-703-0727 to get started today or APPLY ONLINE.