Written by 2:30 pm Finance and Insurance

1st Priority Mortgage Announces 2024 Loan Limit Increase

Take a look at some of the major factors that can determine whether you’re ready to purchase a home.

1st Priority Mortgage, Inc. is pleased to announce that we are increasing our single-unit conforming loan limit to $766,550 on Jan. 1, 2024. This is good news for borrowers since conforming loans are the most common type of loans on the market.

The increased loan limit for one-unit properties will help give borrowers greater purchasing power in the face of home prices that remain high. The higher loan limit will also offer 1st Priority Mortgage greater flexibility on mortgages up to $766,550, and help many homeowners secure larger loans with lower rates.

Conforming loans are attractive for borrowers because they’re easy to qualify for, and they’re backed by Fannie Mae and Freddie Mac. The limit for these loans is set by the Federal Housing Financing Agency (FHFA), which adjusts rate limits every year to reflect changes in the average U.S. home price. Conforming loan limits are increasing at a slower pace than last year, mirroring home prices overall. The increase in 2024 from $726,200 to $766,500 is up 5.5%, compared to the 2023 increase of 12.21%.

To learn more, contact a 1st Priority Mortgage Consultant today! We’ll be happy to help you explore your options for a single-unit conforming loan.

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Last modified: December 14, 2023