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Mortgage Loan Limits in 2024
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In this episode, we delve into the topic of increased loan limits for 2024. We explain the role of financing agencies like FHA (Federal Housing Administration) and FHFA (Federal Housing Finance Agency) in adjusting loan limits annually in response to inflation and rising home prices.
What is the importance of these changes for homebuyers and the consistency of loan limit increases over the years.
In this episode, you’ll learn:
- How this change affects the home ownership journey
- New loan limits for different types of loans and area
- USDA, VA loans and 0% down payment
- FHA loans as accessible but have lower limits
Must-listen moments:
[00:00:45] How FHA and FHFA adjust loan limits annually in response to inflation and changes in the median home price
[00:01:15] Significance of these loan limit changes for individuals on their home ownership journey
[00:02:30] New maximum loan amount for conventional loans in 2024
[00:03:10] How to calculate the purchase price with the new loan limits
[00:03:50] Distinction Between Loan Amount and Sales Price
[00:04:20] Jumbo loans and their requirements
[00:05:00] Down payment percentages for different types of buyers
[00:05:45] Lower loan limits for FHA loans and their target demographic
[00:06:30] Specific numbers used in FHA loan limits.
[00:07:10] USDA loans and the specifics of VA loans
[00:07:50] Loan limits in high-cost areas like California and the East Coast
[00:08:15] Historical trend of loan limit increases, and the rare exceptions
Resources:
- FHA Loan Limits 2024 https://www.hud.gov/press/press_releases_media_advisories/hud_no_23_265
- Conventional Loan Limits 2024 https://sf.freddiemac.com/articles/news/loan-limit-values-for-2024
- FHA Loan Summary https://youtu.be/ce0R8jt5WkY?si=1S_6tBLnRbZBFyLV
- Conventional Loans Summary https://youtu.be/LcpEAn0SrcU?si=ZGvtni7YhcDWKk6u
- USDA Loans Summary https://youtu.be/sn4PCuiMeCs?si=Bsh-ObiKvZixcNiH
- VA Loans https://youtu.be/1j_SJbpTzt4?si=28JHS25njyJKXHMJ
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
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📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE
▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU
▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo
To contact us visit www.loanwithjen.com
Equal Housing Opportunity Lender NMLS# 514497
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Resources mentioned in the episode:
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