The U.S. Department of Housing and Urban Development (HUD) recently announced the 2024 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs). The announcements were made in Mortgagee Letter 2023-21 and Mortgagee Letter 2023-22, respectively.

For forward mortgage loans in non-high cost areas, the amount for a single unit home increased from $472,030 in 2023 to $498,257 in 2024. In high cost areas, the amount for a single unit home increased from $1,089,300 in 2023 to $1,149,825 in 2024. In Alaska, Guam, Hawaii and the U.S. Virgin Islands, the amount for a single unit home increased from $1,633,950 in 2023 to $1,724,725 for 2024. For HECMS, the maximum claim amount for all areas increased from $1,089,300 in 2023 to $1,149,825 in 2024.

Each Mortgagee Letter includes a link to a HUD website that can be used to find the applicable limit for specific areas nationwide.

We recently reported on the residential mortgage loan limits for loans purchased by Fannie Mae and Freddie Mac in 2024.