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Mortgages in amounts above the conforming limit are considered jumbo loans, and can’t be purchased by Fannie and Freddie. Conforming loan limits in 2024 $766,550
By adjusting their baseline loan limit, the FHFA allows average homebuyers to secure a conforming conventional mortgage despite rising housing costs. For 2023, the FHFA raised the baseline ...
Fannie Mae worked with Freddie Mac to develop uniform mortgage documents and national standards for conventional mortgages. Both entities are regulated by the Federal Housing Finance Agency which calculates and sets the conforming loan limit on an annual basis based on statutory guidance.
For much of the U.S., the divide between conforming loans and jumbo mortgages will be $766,550.
In the United States, a super jumbo mortgage is a jumbo mortgage that far exceeds the conforming loan limits. These are typically 4 times the maximum loan amount set by Fannie Mae or Freddie Mac which as of 2024 [update] was $766,551. [ 1 ]
The conventional conforming loan limit, set by the Federal Housing Finance Agency each year, starts at $766,550 in 2024 and goes up to $1,149,825 in more costly housing markets.
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