Max Conforming Loan Limit 2024: What You Need to Know


Max Conforming Loan Limit 2024: What You Need to Know

The max conforming loan limit for 2024 is the maximum amount of money that Fannie Mae and Freddie Mac, government-sponsored enterprises (GSEs), will purchase from lenders for conforming loans. Conforming loans are mortgages that meet the guidelines set by Fannie Mae and Freddie Mac, which allows them to be sold on the secondary market. The max conforming loan limit varies by county and is adjusted annually to keep pace with rising home prices.

The max conforming loan limit for 2024 has not yet been announced, but it is expected to increase from the 2023 limit of $647,200 for most counties and $970,800 for high-cost areas. The increase in the conforming loan limit is important because it allows more borrowers to qualify for conforming loans, which typically have lower interest rates than non-conforming loans. This can save borrowers thousands of dollars over the life of their loan.

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