Do you plan to buy a home with a conventional conforming loan in 2024? You will be pleased to hear that Fannie Mae has announced that the baseline conforming loan limit for 1 unit has increased from $726,200 to $766,550. That is a 5.56% increase.
Baseline Conforming Loan Limits for 2024
The maximum baseline conforming loan amounts for the contiguous states, the District of Columbia, and Puerto Rico are:
- 1 units: $766,550
- 2 units: $981,500
- 3 units: $1,186,350
- 4 units: $1,474,400
Baseline loan limits are higher in Alaska, Guam, Hawaii, and the US Virgin Islands.
It is a big deal that conforming loan limits have taken such a substantial jump; it means that many homebuyers who previously would have needed a jumbo loan may find they now qualify for a conforming mortgage.
What are the Conforming Loan Limits in Missouri?
The conforming loan limits in Missouri are the same as those we listed above. These conforming loan limits apply to all counties in the state.
There are counties in some other states that have higher conforming loan limits due to their higher costs of living, but Missouri does not have any of these counties.
If the amount you want to borrow is within the new conforming loan limits, then you can buy a home with a conforming loan. Otherwise, you can purchase a home with a non-conforming “jumbo” mortgage.
Buy a Home with a Conforming or Non-Conforming Loan in MO
McGowan Mortgages can answer your questions about conforming and non-conforming loans, and help you figure out which type of home loan is right for you. If you are ready to buy your dream home, please call (816) 631-9687 to schedule your mortgage consultation. We can help you buy a home anywhere in MO.
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