New baseline conforming loan limits have been announced for 2024, and there is good news—homebuyers can take advantage of a substantial increase. For 1 unit, the baseline conforming loan limits have risen 5.5% from $726,200 to $766,550.
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 unit: $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.
What are the Conforming Loan Limits in California in 2024?
For many counties in California, the conforming loan limits are the same as those we listed above.
But California has multiple counties that have a higher cost of a living. In these higher cost of living counties, there are also higher loan limits.
What are the Conforming Loan Limits in San Diego in 2024?
San Diego is among the counties in California that have a higher cost of living. Here are the 2024 conforming loan limits for San Diego County:
- 1 unit: $1,006,250
- 2 units: $1,288,200
- 3 units: $1,557,150
- 4 units: $1,935,150
These higher conforming loan limits make it easier to purchase property in this county without needing to resort to a non-conforming loan, since properties here are more expensive than they are in other parts of the state.
A jumbo loan is still an option if you need to borrow more than these amounts, however. Although jumbo mortgages require stronger qualifications, they do make it possible to buy more home than you would be able to otherwise.
Buy a Home with a Conforming or Jumbo Loan
If you are ready to buy a home in San Diego in 2024, Maureen Martin can help you figure out whether you need a conforming or non-conforming mortgage. Please give her a call at (619) 857-7191 to schedule your consultation. She looks forward to walking you through the steps to apply and connecting you with a flexible home loan.
