2024 FHA, Conventional, USDA, and VA Loan Limits have increased in FL, TX, TN, and AL

2024 FHA, Conventional, USDA, and VA Loan Limits have increased in Florida, Texas, Tennessee, and Alabama!

While you may have heard that 2024 FHA, Conventional, USDA, and VA Loan Limits for Florida, Alabama, Tennessee, and Texas have increased, did you know that not all loan programs have the same mortgage loan limits? In fact, each of these loan programs each have their own unique qualifying requirements. 2024 FHA, Conventional, USDA, and VA Loan Limits have increased in FL, TX, TN, and AL

In today’s short video, we will quickly review the 2024 Mortgage Loan Limits for USDA, VA, FHA, and Conventional loans along with providing a breakdown of the differences.

In order to help you stay organized, we have created a FREE Loan Comparison Chart for you to download. It compares each loan program side-by-side and is contained in one simple chart –Download it now!

What is a Maximum Mortgage Loan Limit?

As a starting point, a mortgage loan limit is the maximum amount a home buyer can borrow under a specific mortgage program. A mortgage loan limit applies to the loan amount and not the sales price. Now, let’s quickly review each program one by one:

What are the 2024 USDA loan limits in Florida, Alabama, Tennessee, and Texas?2024 Florida USDA Loan Limits

 Believe it or not, USDA loans do not have a set loan limit! This is true because USDA maximum loan amounts are based on the borrower’s USDA loan qualifying income and not a set loan amount. Since there is no set maximum loan amount for a USDA loan, this also means there is NO maximum USDA sales price!

Thankfully, USDA income limits also increased earlier in 2023. This recent USDA income limit increase provides homebuyers with the ability to raise their budget and qualify for higher priced homes. As you can see, USDA no down payment loans continue to be a powerful option!

What are the 2024 VA Loan Limits in Florida, Alabama, Tennessee, and Texas?

Maximum VA loan limits depend on whether or not you have used your full entitlement.

VA full entitlement means that either you have never used your VA home loan benefit or have used it, and paid the previous VA loan in full (including after a bankruptcy, foreclosure, or a short sale.) In these cases, there is no maximum VA mortgage loan limit!2024 VA Loan Limits in Florida, Texas, Tennessee, and Alabama

On the other hand, if you have used some of your entitlement, but have funds remaining, your VA home loan limit is now the same as the Federal Housing Finance Agency (FHFA). Meaning, they are based on the county loan limit where the property resides.

Calculating 2024 Maximum VA Loan Amounts in Florida, Alabama, Tennessee, and Texas can be complicated, so if you have any questions just call, text, or email so the Metroplex team can go to work for you!

What are the 2024 Conventional Loan Limits for Florida, Texas, Tennessee, and Alabama?

Conventional loan limits (Fannie Mae and Freddie Mac) are established by the FHFA (Federal Housing Finance Agency) and ultimately can vary based on the county. With that being said, the FHFA announced on November 28, 2023 updated conventional loan limits.2024 Conventional Loan Limits for Florida, Alabama, Tennessee, and Texas

Previously, the 2023 general loan limit was $726,200. Now in 2024, the baseline conventional loan limit has increased to $766,550. 

Although this resulted in a substantial increase for a 1-unit property, this number can increase even more for those areas which are considered “high-cost”.

For more information go to the Federal Housing Finance Agency’s (FHFA) announcement.

What are the 2024 Maximum FHA Loan Limits in Florida, Alabama, Tennessee, and Texas?

HUD announced on November 28, 2023 that it would increase FHA loan limits in 2024. These new maximum FHA loan amounts for calendar year 2024 are effective for case numbers assigned on or after January 1, 2024.2024 Maximum FHA Loan Limits in Florida, Alabama, Tennessee, and Texas

Overall, the maximum FHA standard low-cost area mortgage loan limit for a one-unit property has increased from $472,030 in 2023 to $498,257 in 2024! Additionally, the respective loan amounts for two, three, and four unit properties that are eligible for FHA financing were also increased as follows:

  • One-unit property: $498,257
  • Two-unit property: $637,950
  • Three-unit property: $771,125
  • Four-unit property: $958,350

Further, for those properties located in high-cost areas, they allow for even higher maximum FHA mortgage loan limits. Per HUD.gov, it states the following regarding the National Housing Act (NHA) and how FHA sets loan limits for high cost areas:

“The NHA requires FHA to set its maximum loan limit ceiling for high-cost areas at $1,149,825, which is 150 percent of the national conforming loan limit. Forward mortgage limits for the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands are adjusted further by FHA to account for higher costs of construction.”

We Are Here for You!

As you can see, mortgage loan limits vary across loan programs, but don’t get overwhelmed with the details, let our experience go to work for you!

Whether it be USDA, VA, FHA, or Conventional, simply call, text, or email to discuss your scenario and let us show you the “Metroplex” difference!

Call/Text: (863) 593-2001
(800)806-9836 Ext. 280
SeanS@MPLX.org

I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!