Good news for FHA buyers: Loan limits are UP!!

Home prices increased by an average of 5.5% between the third quarters of 2022 and 2023, according to the FHFA report. This growth rate is much lower than the rate seen during the same period in 2021-2022 (12.3%).

The new FHA loan limit increases of $26,227 for the Low-Cost Area Ceiling” and $60,525 for the High-Cost Counties ceiling, respectively.

The new FHA mortgage loan limits in the table below are effective for FHA case numbers assigned on or after January 1, 2024.

Low-Cost Area “Ceiling”

One-Unit $498,257

Two-Units $637,950

Three-Units $771,125

Four-Units $958,350

High-Cost Area “Ceiling

One-Unit .$1,149,825

Two-Units  $1,472,250

Three-Units $ $1,779,525

Four-Units  $2,211,600

High-Cost counties are: Alameda-Contra Costa-Los Angeles-Marin-Napa-Orange-San Benito-San Francisco–San Mateo-Santa Clara -Santa Cruz.

All others counties are low cost counties