If you are in the market for a home in 2024, you will be pleased to learn that the conventional conforming loan limits for 2024 are 5.56% higher than they were in 2023. For 1 unit, the baseline conforming loan limit has increased from $726,200 to $766,550. This loan limit applies in most counties throughout the US.
Baseline Conforming Loan Limits for 2024
The maximum baseline conforming loan amounts for the contiguous states, the District of Columbia, and Puerto Rico are:
- 1 units: $766,550
- 2 units: $981,500
- 3 units: $1,186,350
- 4 units: $1,474,400
Baseline loan limits are higher in Alaska, Guam, Hawaii, and the US Virgin Islands.
What are the Conforming Loan Limits in Florida for 2024?
The conforming loan limits for most counties in Florida in 2024 are the ones we listed above that apply to most counties nationwide.
There is one county in FL with higher conforming loan limits, and that is Monroe County. There, the loan limits are $929,200, $1,189,550, $1,437,900, and $1,786,950, for 1, 2, 3 and 4 units respectively. This is the county where Key West is located, so the higher conforming loan limits reflect the higher cost of living in that county.
If you need to borrow above the conforming loan limits, you will need to apply for a jumbo mortgage.
Buy a Home with a Conforming Loan in FL
The higher conforming loan limits in Florida in 2024 mean that more homebuyers can purchase a home without taking out a jumbo loan. The increase in loan limits boosts your buying power, and may help you buy a home sooner rather than waiting. If you are ready to get started, please give us a call today at 954-840-8811. We can help you buy a home anywhere in Florida.