We’re reaching out to share some exciting news that could significantly impact your homeownership journey in 2024!
FHA Increases 2024 Loan Floor by More Than $26,000!
In a recent announcement, the Federal Housing Administration (FHA) has raised its loan limits for 2024, setting the loan floor at $498,257 for a one-unit property in most parts of the country. This represents a substantial increase from $472,030 in 2023, driven by robust home price growth over the past year.
What Does This Mean for You?
- Greater Affordability: The increased loan limits empower homebuyers by providing greater flexibility and affordability. Channel Mortgage, LLC is here to help you leverage these changes to your advantage.
- Low-Downpayment Financing: FHA’s commitment to low-downpayment financing means you can access homeownership with ease, even in a market where affordability is a concern.
- Opportunities for Well-Qualified Borrowers: The rise in loan limits comes at a crucial time when affordability challenges could potentially limit access to the market for well-qualified borrowers. We’re dedicated to ensuring you don’t miss out on your homeownership goals.
How We Can Assist You
Our team is ready to guide you through the evolving landscape of mortgage options. Whether you’re a first-time homebuyer or considering refinancing, these changes open up new possibilities, and we’re here to tailor solutions to your unique needs.
Effective January 1, 2024: These new loan limits will be effective for FHA case numbers assigned on or after January 1, 2024. If you’re considering a home purchase or refinancing in the upcoming year, now is the perfect time to explore your options and make the most of these enhancements.
For a complete list of FHA loan limits and to explore how these changes may benefit you, visit the FHA’s website.
Connect with Us:
Ready to discuss how these changes align with your homeownership goals? Contact us, and let’s start the conversation.