Looking To Borrow Even More For A House? Mortgage Loan Limits Are About To Increase In 2024

If you had your eye on a house or neighborhood in a certain price point but weren’t able to borrow enough for a loan, your luck may change in 2024. Last week the Federal Housing Finance Agency and Federal Housing Administration announced the increases to how much buyers can borrow for loans backed by the federal government, as part of their annual requirement to keep pace with the change in house prices.

For FHFA loans the limit will increase to $766,550, a $40,350 jump over the 2023 threshold of $726,200. In areas with a higher cost of living, such as California, New York and Hawaii, the limit is set to be 150% of the baseline limit which equals $1,149,825.