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Good News for Homebuyers: FHA Loan Limits Increase Significantly in 2024

Buying a home just got a bit easier for many Americans. The Federal Housing Administration (FHA) has announced significant increases to its loan limits for 2024, putting the dream of homeownership within reach for more people.

Here’s a breakdown of the key points:

  • Nationwide increase: The baseline FHA loan limit for single-family homes in most parts of the country has jumped by over $26,000 to $498,257, compared to $472,030 in 2023.
  • Keeping pace with inflation: The FHA is raising its limits to adjust for rising home prices. This ensures that borrowers can still access affordable financing even in an inflationary environment.
Line graph showing the increase in FHA loan limits from 2020 to 2024. The y-axis shows the loan limit amount in US dollars, and the x-axis shows the year. The graph shows a steady increase in loan limits over the five-year period.

How much can you borrow?

The maximum amount you can borrow with an FHA loan depends on several factors, including:

Exploring your options:

  • Baseline limit: The new baseline limit of $498,257 applies to most single-family homes nationwide. The Boise area has increased limits (see below).
  • Limits for multi-unit properties: FHA offers higher limits for 2-, 3-, and 4-unit properties.

Understanding loan limits:

  • Not everyone qualifies for the maximum: Your individual circumstances will determine your borrowing capacity.
  • Limits are based on conforming loan limits: The FHA sets its limits at 65% of the conforming loan limits set by the Federal Housing Finance Agency.
  • Multiple loan limits exist: Limits vary depending on property type and location, offering flexibility for different needs.

Finding your limit and resources:

  • 2024 FHA loan limits: A complete list is available online, allowing you to find the specific limit for your county. The search tool can be found here.
  • The Boise Metropolitan Statistical Area (MSA), which includes Ada, Boise, Canyon, Gem, and Owyhee counties all have increased limits of $586,500 for a single-family home.

FHA’s commitment to affordability:

By increasing loan limits, the FHA aims to make homeownership more accessible and affordable for a wider range of Americans. This aligns with their mission of supporting aspiring homeowners and fostering a stable housing market.

Additional considerations:

  • Even with the increased limits, it’s crucial to carefully assess your financial situation and determine a comfortable borrowing amount.
  • Consider seeking professional guidance from a mortgage lender or housing counselor to navigate the process and ensure you’re making informed decisions.

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