A conforming loan limit value (low-cost area) and a baseline (“general”) have been issued by the Federal Housing Finance Agency (FHFA) for conventional loans to be acquired in 2024 by Fannie Mae. All conforming loan limits apply to the original loan amount of the mortgage loan, not to the balance when Fannie Mae purchases it. The new limits are effective for whole loans delivered, as well as mortgage loans delivered into MBS with pool issue dates on or after January 1, 2024.
Each year, the Federal Housing Finance Agency (FHFA) publishes conforming loan limit values for all conventional loans delivered to Fannie Mae, including baseline and high-cost area loan limits; high-cost areas vary geographically. For 2024, conforming loan limits have been increased and apply to loans delivered to Fannie Mae (even if originated prior to January 1, 2024). For specific requirements, see Lender Letter LL-2023-09.
On Fannie Mae’s website and on FHFA’s website, the high-cost area loan limits are published for each county (or equivalent). For more information, please refer to Fannie Mae Lender Letter LL-2023-09. If you have any questions, please contact Fannie Mae Investor Help Line at 1-800-232-6643, Option 3 or by email.
