2024 Mortgage Loan Limit Increase
You can soon borrow more. Every year Fannie Mae and Freddie Mac reevaluate the maximum loan amount allowable for a conforming mortgage. They recently announced the 2024 loan limit will increase by 5.5% to $766,550. This means that consumers can borrow up to that amount without having to shift to a jumbo mortgage, which often, but not always, has a higher interest rate. For those really looking to leverage up, that means you can buy a home with a price tag of slightly over $800,000 if you put down just 5%. For those looking to put down 20%, that means you can get a home with a price tag a bit over $950,000. If you’re looking to buy a home in the Austin area next year, contact me today. If you’ve got questions for a lender, I’m happy to connect you with several excellent people.