SUBJECT: 2024 Conventional Loan Limits
DATE: November 30, 2023
** The below information supersedes details in REMN Announcement 2023-33.**
The Federal Housing Finance Agency (FHFA) has announced 2024 loan limits for FNMA and FHLMC agency loans.
|
Units |
Baseline Loan Limits |
|
|
Contiguous States, District of Columbia, and Puerto Rico |
Alaska, Guam, Hawaii, and U.S. Virgin Islands |
|
|
One |
$766,550 | $1,149,825 |
|
Two |
$981,500 |
$1,472,250 |
|
Three |
$1,186,350 |
$1,779,525 |
| Four | $1,474,400 |
$2,211,600 |
|
Units |
High-Cost Area Loan Limits* |
|
|
Contiguous States, District of Columbia, and Puerto Rico |
Alaska, Guam, Hawaii, and U.S. Virgin Islands |
|
|
One |
$1,149,825 |
Not Applicable |
|
Two |
$1,472,250 |
|
|
Three |
$1,779,525 |
|
| Four |
$2,211,600 |
|
**NOTE** Alaska and Hawaii high-cost limits have not been implemented by FHFA, which means loan limits in these states must conform to the general loan limits.
FHFA’s announcement can be accessed here.
2024 conforming loan limits for all counties can be accessed here.
The 2024 loan limits may be applied to new submissions, existing pipeline loans, and loans may close with the new 2024 limits. AUS engines will be updated the weekend of December 2nd to incorporate the new limits.
Until DU and LPA have been updated, loans submitted to DU or LPA that exceed the current 2023 limits will receive an “Approve/Ineligible” or “Accept/Ineligible” Finding due to the loan amount exceeding the 2023 limit.
REMN will accept the “Approve/Ineligible” or “Accept/Ineligible” Findings if the only reason for the “Ineligible” is due to the loan amount exceeding the current 2023 loan limit. The loan amount must comply with the 2024 limit. Re-submission to DU or LPA will not be required.
For any loan that was locked as a high balance and now meets the conforming loan limits, please contact REMN’s Lock Desk at remnlock@remn.com.
Please contact your Account Executive if you have additional questions.
