Now you can enjoy higher FHA loan amounts to help purchase, refinance & Combine 1st and 2nd Mortgages with higher loan limits, HUD increased FHA mortgage loan limits for refinance or purchase loans in 2024 up to $729,750 in high cost areas across the country.
See Updated FHA Loan Limits and Guidelines for State and Counties?
Whether you need to refinance out of your high rate ARM or get cash out and consolidate bills, our FHA lenders can help you with FHA mortgage loans. Our loan officers will help you understand FHA guidelines and lending requirements.
The updated FHA loan limits, which pertain to forward mortgages for single-unit properties, come into effect on January 1, as outlined in FHA Mortgagee Letter (ML) 2023-21. In 2023, these limits stood at $472,030 for the floor and $1,089,300 for the ceiling. The recent adjustments reflect a $26,227 increase for the low cost counties and a $60,525 increase for the high cost regions.
The FHA sets its national low-cost area mortgage limits at 65% of the national conforming limit, which currently stands at $766,550 for a one-unit property. Conversely, high-cost area maximum loan amounts are set at 150% of the national conforming limit, as specified by the FHA.
Exceptions exist, particularly for special areas like Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where construction costs are higher. In 2024, the ceiling rate for these regions reaches $1,724,725 for a 1-unit property. See the updated FHA letter for 2024.
Find Low Rate FHA Mortgage Solutions for Refinance and Purchase
With so many conventional mortgage companies going out of business, FHA home loans have become the best solution for most homeowners when refinancing into a fixed rate 30 year mortgage. According to, Nationwide Chief Economist, Kevin Grant, “Times have changed and homeowners need to adapt fast before they fall behind on their mortgage payments. Clearly it’s a lot easier to qualify for a low rate mortgage when your credit indicates a good mortgage payment history.”
FHA Loan Limits were Increased to over $700,000 in certain high cost areas. FHA raised their mortgage limits a minimum of 25% from the 2024 limits outlined by HUD. The new FHA loans have saved many families from their expensive adjustable rate loans because they offer low interest rates and require very little equity.
In 2024, the FHA floor for single-family home loans was established at $498,257, encompassing a majority of counties across the United States. The FHA ceiling denotes the maximum loan amount for mortgages insured by the FHA.
Additionally, in 2024, the FHA set its ceiling at $1,149,825 for single-family home loans. This figure signifies the maximum loan amount available to borrowers under the FHA finance program and is applicable to high-cost regions across the United States.
The FHA establishes a ceiling on the maximum loan amount it guarantees, referred to as the FHA lending limit. These limits are reviewed and adjusted each year, often reflecting the conventional loan thresholds established by entities like Fannie Mae and Freddie Mac. Furthermore, the property type, whether single-family or duplex, can influence these figures.
• 97.15% New Home Financing to $708,952
• 97.15% Rate and Term Refinancing to $708,952
• 85% Cash Out Refinance Loans to $620,287
• 95% Cash Out Mortgage Refinancing to $396,150