Blog posted On October 09, 2023
The Federal Housing Finance Agency (FHFA) is projected to increase conforming loan limits once again in 2024. CMG Home Loans is excited to start implementing these higher loan limits early. Effective immediately, our conforming loan limits will be raised to the numbers below for conforming Conventional Loans locked on or after October 9th, 2023.
Conforming Loan Limit Updates
Benefits of Conforming Loans
Conforming loans meet the requirements set by Fannie Mae and Freddie Mac and the limits set by the Federal Housing Finance Agency (FHFA). A conforming loan example is some Conventional Loans. A non-conforming loan example is a Jumbo Loan. Jumbo Loans are not conforming because they have higher loan limits. The main benefit of conforming loans is that they are oftentimes cheaper than non-conforming loans, meaning they typically have lower interest rates.
Benefits of a HIGHER Conforming Loan Limit
It’s no secret that homes are becoming more expensive and harder to afford for many Americans. If conforming loan limits stayed the same, fewer people would have access to their benefits due to higher home prices across the nation. By increasing the conforming loan limits, we are continuing to provide the utmost access to affordable homeownership.
Wondering how much more you could afford with the new limits? Reach out and we’d be happy to set up a consultation!
*Upon the official announcement from FHFA as to what the new limits will be, this temporary increase of the conforming loan limit will be immediately suspended and adjusted accordingly.