The Federal Housing Administration increased the loan limits for 2024 in 3,338 counties across the country in order to keep up with escalating home prices. FHA limits inform borrowers of the maximum allowable loan amount available to purchase a home for every county. Home Purchase and Refinance Loans

FHA Loan Programs for 2024

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FHA Loan Requirements

Lower Standards for Credit Scores and Down Payments

Whether you're a first-time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines.

580 Credit Score
- and only -
3.5% Down

FHA loan limits were established to define how much you can borrow for a HUD-backed mortgage. Each state has different limits, so be sure to look up your state to understand what is available for your FHA home loan.

For 2024, the FHA floor was set at $498,257 for single-family home loans. This minimum lending amount covers most U.S. counties. The FHA ceiling represents the maximum loan amount and is illustrated in the table below.

FHA Limits (low cost areas)

Also for 2024, the FHA ceiling was set at $1,149,825 for single-family home loans. This represents the highest amount that a borrower can get through the FHA loan program. It applies to high cost areas in the United States and is illustrated in the table below.

FHA Limits (high cost areas)

Paying the upfront costs of buying a new home can be challenging. To help overcome this hurdle, many local and state agencies offer down payment assistance in the form of grants or second mortgages.

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FHA Loan Articles and Mortgage News

What to Know About Earnest Money

May 11, 2024 - FHA home loans are just one way to buy a home. Some borrowers pay in cash, some use conventional mortgages, and some qualify for VA home loans. But what do all of these have in common in many cases? The need to use home loan earnest money as part of the transaction.

Services and Fees for FHA Mortgages

May 10, 2024 - Which services are required for FHA loans, and which ones are optional? Some borrowers ask this in the planning stages because they’re trying to find ways to stretch their home loan budgets for closing costs and the down payment. We examine some critical services in this article.

What You Can and Can't Do with Your FHA Home Loan

May 8, 2024 - You cannot make a down payment or pay closing costs with cold, hard cash. You must render payment in the manner acceptable to the lender, which is typically a wire transfer or some other pre-arranged procedure for down payment money.

What to Remember About Home Loan Approval

May 5, 2024 - If you want to buy a home or build one on your own lot with an FHA mortgage, there are distinct phases in your journey toward home ownership. One phase is the initial planning and saving you need in order to prepare for closing costs, the down payment, and other expenses.

Rehab and Construction Loan Advice on Setting Budgets

May 3, 2024 - Are you considering refinancing your home with an FHA 203(k)? No matter what kind of construction or renovation project you have in mind, there are some guidelines each of these have in common that you should know about before getting started.

FHA Home Loan Early Payoff Options

May 1, 2024 - Do you want to pay off a 15-year or 30-year FHA mortgage ahead of schedule? One of the perks of an FHA mortgage for a single-family home is that FHA loan guidelines do not permit the lender to charge you a penalty just for paying the mortgage off ahead of schedule.

Buyer Risks When Waiting for Mortgage Rates to Drop

April 29, 2024 - U.S. News and World Report published an article in April 2024 that included data from a U.S. News survey of American mortgage trends this year. In that survey, nearly 70% of house hunters who responded say they are waiting for home loan interest rates to fall before buying a house this year.

Better to Buy a Home with Cash or an FHA Mortgage?

April 28, 2024 - Buying in cash does not necessarily mean you will get a big discount on the house. It’s all the same to the seller, who gets their money, either way. In more competitive housing markets, the cash offer is more appealing to some because it may work faster than dealing with a lender.

The State of Mortgage Rates in Q2 2024

April 26, 2024 - During the second quarter of 2024, 30-year fixed-rate FHA mortgage rates were listed in the low 7% range, a place many hoped would be in the rearview mirror by now. What do respected market watchers say about the current state of the housing market regarding mortgage rates?

Where not to Buy Your Home

April 24, 2024 - Finding or building your dream home means paying attention to many important details. Is the house you want large enough to live in for 5 to 10 years without outgrowing it? Is your house close enough to essential services like child care or school?

If you’re getting ready to shop around for mortgage options, it’s a good idea to brush up on some of the technical terms in our Mortgage Glossary. You’re going to be hearing a lot of them!