In accordance with the recent FHFA announcement, we're thrilled to announce a significant increase in our maximum baseline conforming loan limits and high-cost area loan limit values for 2024, opening up greater opportunities for mortgage borrowers. FHFA's latest data reveal a noteworthy 5.56% surge in house prices from the third quarter of 2022 to 2023, prompting a corresponding increase in the maximum baseline conforming loan limit values for the upcoming year.

For properties outside designated high-cost areas, the 2024 maximum baseline conforming limit values stand as follows:
  • Single Unit: $766,550 (up from $726,200 in 2023)
  • Two Units: $981,500 (up from $929,850 in 2023)
  • Three Units: $1,186,350 (up from $1,123,900 in 2023)
  • Four Units: $1,474,400 (up from $1,396,800 in 2023)
In high-cost areas, we're pleased to offer super conforming mortgages with original loan amounts up to the following limits:
  • Single Unit: $1,149,825 (up from $1,089,300 in 2023)
  • Two Units: $1,472,250 (up from $1,394,775 in 2023)
  • Three Units: $1,779,525 (up from $1,685,850 in 2023)
  • Four Units: $2,211,600 (up from $2,095,200 in 2023)
It's important to note that actual loan limit values for specific high-cost areas may vary. Therefore, it's crucial to check the FHFA website for updated 2024 loan limit values for high-cost areas.

Furthermore, for mortgages originated or contracts signed before January 1, 2024:
  1. Loan Product Advisor® (LPASM) will undergo updates by December 3, 2023, ensuring seamless transitions. Mortgages exceeding 2023 loan limit values but falling within the higher 2024 limits will be eligible for sale to Freddie Mac on or after January 1, 2024.
  2. Leverage our Loan Limits API for swift access to conforming loan limit values based on property address. Simply submit a request and receive a prompt response, facilitating smoother transactions.
  3. Our suite of APIs, including Income Limits, Loan Limits, and Affordable Check, will be refreshed on January 1, 2024, optimizing accuracy and efficiency for users. Explore the Freddie Mac Developer Portal for comprehensive API resources.
  4. Key tools like the Area Median Income and Property Eligibility Tool and the Home Possible® Income and Property Eligibility Tool will incorporate 2024 high-cost area indicators by January 1, 2024, ensuring up-to-date eligibility assessments.
  5. Loan Selling Advisor® and our Selling APIs will receive updates by December 3, 2023. Cash contracts executed in December 2023 with expiration dates on or after January 1, 2024, involving mortgages meeting 2024 loan limit values, require a designated 2024 settlement date.
Stay tuned for updates to the Single-Family Seller/Servicer Guide in December, reflecting the latest 2024 loan limit values. With these enhancements, we're committed to empowering borrowers and facilitating smoother mortgage transactions in the coming year.
- On


EmoticonEmoticon