FHA and Conventional Loan Limits Set to Increase in 2024: What You Need to Know
If you're planning to buy a home or refinance your mortgage in 2024, there's good news on the horizon. The Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) have recently announced an increase in loan limits, opening up more opportunities for homebuyers and homeowners looking to make a move. In this blog post, we'll break down the key details of these loan limit increases and what they mean for you.
Conventional Loan Limit Increasement in Texas
The conforming loan limit for conventional loans in Texas has increased to $766,550 in most areas of the state. This is a 3.3% increase from the 2023 limit of $726,200. In high-cost areas of Texas, the conforming loan limit has increased to $1,724,725. This is a 3.2% increase from the 2023 limit of $1,665,500.
Here are the specific conforming loan limits for different counties in Texas:
FHA Loan Limit Increasement in Texas
The FHA loan limit for a single-family home in Texas has increased to $498,257 in most areas of the state. This is a 5.3% increase from the 2023 limit of $472,030. In high-cost areas of Texas, the FHA loan limit has increased to $1,149,825. This is a 5.6% increase from the 2023 limit of $1,089,300.
Here are the specific FHA loan limits for different counties in Texas:
What does this mean for home buyers in Texas?
The increase in loan limits will make it easier for people to buy homes in Texas, especially in high-cost areas. For example, a borrower in Harris County who was only able to get an FHA loan for $1,089,300 in 2023 will now be able to get a conventional loan for up to $1,724,725 in 2024. This is a significant increase that could make the difference between qualifying for a home loan and not qualifying.
What should home buyers in Texas do now?
If you are thinking about buying a home in Texas in 2024, you should talk to a mortgage advisor to get pre-approved for a loan. This will give you an idea of how much you can afford to borrow and will make you a more competitive buyer.
In addition, you should start shopping for a home early. The housing market in Texas is still very competitive, so it is important to be prepared to act quickly when you find a home that you like.
Ready to seize the opportunities presented by the 2024 loan limit increases in Texas? Our team at Financial Suit is here to help you navigate the changing lending landscape and find the perfect financial solution tailored to your needs. Don't miss out on these expanded loan limits – schedule a consultation with us today and let's explore your financing options together. Your dream home or successful refinance is just a click away. Take the first step towards your financial goals now.