Fannie Mae has announced that the 2024 baseline conforming loan limits have increased. For a single unit, they have gone up from $726,200 to $766,550. That is a 5.56% increase, which should be a big help to homebuyers in this high-inflation housing market. This new conforming loan limit applies in most counties throughout the US.
Baseline Conforming Loan Limits for 2024
The maximum baseline conforming loan amounts for the contiguous states, the District of Columbia, and Puerto Rico are:
- 1 units: $766,550
- 2 units: $981,500
- 3 units: $1,186,350
- 4 units: $1,474,400
Baseline loan limits are higher in Alaska, Guam, Hawaii, and the US Virgin Islands.
What are the Conforming Loan Limits for Florida in 2024?
In all but one county in Florida, the conforming loan limits are the same as the ones we listed above.
The only county in Florida with higher conforming loan limits is Monroe County, where Key West is. The loan limits for 1, 2, 3 and 4 units are $929,200, $1,189,550, $1,437,900, and $1,786,950 in Monroe County, to account for the higher cost of living.
So long as the amount you need to borrow falls within the conforming loan limits, then you can take out a conforming mortgage. What if you need to borrow above the conforming loan limits? In that case, you can apply for a jumbo loan.
Buy a Home with a Conforming or Non-Conforming Loan in FL
During your consultation, we can help you figure out whether you can buy a home in FL with a conforming loan, or whether you need a jumbo mortgage. Please give us a call at (786) 220-1100 to schedule your consultation. Regardless of the amount you need to borrow, we look forward to connecting you with a competitive home loan.