FHA Increases Loan Limits for 2024

Housing Finance
Published
Contact: Curtis Milton
[email protected]
Director, Single Family Finance
(202) 266-8597

The Federal Housing Administration (FHA) on Nov. 28 announced its loan limits for 2024. The nationwide rise in median home prices indicates most buyers across the country will see increases.

The FHA floor will increase from $472,030 to $498,257 for single-family home loans. The floor amount is the lowest the FHA loan limit can be for any area of the country. FHA’s ceiling loan limits, the maximum loan amount the agency will insure, will increase from $1,089,300 to $1,149,825 for a single-family property. The ceiling rises even higher to $1,724,725 in Alaska, Hawaii, Guam and the U.S. Virgin Islands.

The following table lists the 2024 FHA loan limits for low- and high-cost areas:

Property Size Low-Cost Area “Floor” High-Cost Area Alaska, Hawaii, Guam and U.S. Virgin Islands “Ceiling”
One-Unit $498,257 $1,149,825 $1,724,725
Two-Units $637,950 $1,472,250 $2,208,375
Three-Units $771,125 $1,779,525 $2,669,275
Four-Units $958,350 $2,211,600 $3,317,400

The new loan limits will apply to all loans assigned FHA case numbers on or after Jan. 1, 2024. The 2024 FHA loan limits by Metropolitan Statistical Area (MSA) or county can be reviewed on FHA’s loan limits page.

FHA also increased the loan limits for its Home Equity Conversion Mortgage (HECM), or reverse mortgage program, to $1,149,825 effective Jan. 1, 2024. The HECM program regulations do not allow loan limits to vary by MSA or county, so this limit applies to all mortgages regardless of location.

View the HUD press release for more details.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Safety

Mar 28, 2025

Have a Strong Plan for Chemical Safety and Hazard Communication

Hazardous chemicals are found everywhere on a home building site and in many commonly used products, such as paints, cleaners, and adhesives. Providing easy-to-read information about their identity and hazards can keep everyone on the job site safe.

Advocacy

Mar 28, 2025

Podcast: 2025 NAHB Chairman Buddy Hughes Discusses Priorities for His Term

On the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez are joined by 2025 NAHB Chairman Buddy Hughes, who shares what he’s hearing from NAHB members and his plans for the Federation this year.

View all

Latest Economic News

Economics

Mar 27, 2025

Mortgage Rates Hold Steady After Early March Drop

Mortgage rates dropped significantly at the start of March before stabilizing, with the average 30-year fixed-rate mortgage settling at 6.65%, according to Freddie Mac. This marks a 19-basis-point (bps) decline from February. Meanwhile, the 15-year fixed-rate mortgage fell by 20 bps to 5.83%.

Economics

Mar 26, 2025

Property Tax Revenue Outpaces Other Sources in 2024

Property tax revenue collected by state and local governments reached a new high in 2024 and continued to make up a bulk of tax revenue. Total tax revenue for state and local governments also reached a high after falling in 2023, driven by higher revenue across all sources. In 2024, tax revenue totaled $2.095 trillion, up 4.6% from $2.004 trillion in 2023.

Economics

Mar 25, 2025

Consumer Expectations Fall Again

Consumer confidence fell for the fourth straight month amid growing concerns about the economic outlook and policy uncertainties, especially potential tariffs. Uncertainties continue to weigh on consumer sentiment as consumer confidence dropped to a 4-year low and expectations for the future economy fell to a 12-year low.