General World News

FHA loan limit increases to $498,257 in 2024

The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2024 to $498,257 and $1,149,825, respectively, the FHA announced Tuesday.

The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan. 1, according to the publication of FHA Mortgagee Letter (ML) 2023-21. In 2023, those figures were $472,030 and $1,089,300, respectively.

The new FHA loan limits mark increases of $26,227 for the floor and $60,525 for the ceiling, respectively.

While home-price appreciation slowed in 2023, it still pushed home prices higher nationally, details ⇒

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