2024 Jumbo Loan Limits

What is the 2024 Conforming Loan Limit and at what Mortgage Amount Does the Jumbo Start?

The new 2024 conforming loan limit for all of Massachusetts, New Hampshire, and Maine is as follows:

Single-family or condo $766,550

Duplex $981,500

Three family $1,186,350

Four family $1,474,400

These conforming programs are for 30-year fixed-rate mortgages which offer low downpayment options, first-time home-buyer benefits, and the strength of Fannie Mae and Freddie Mac’s low interest rate pricing.

Conventional mortgage application down payments for single-family homes start with as little as 1% down payment and are also eligible for Down Payment Assistance (DPA) programs. 

New for 2024 you can now seek a 5% downpayment for a two-family, three-family, or four-family house that you plan to live in (one of the units).

[If you need PMI to get the deal done, these conforming programs allow you to have your choice of Monthly PMI (for a defined period of time unlike FHA’s “forever” mortgage insurance) or Upfront PMI (no monthly payment) which we’ve seen paid for ENTIRELY with a Sellers Concession towards Buyer’s Closing Costs (Hint: if you don’t ask for it, you’ll never receive it), or a Hybrid PMI program which mixes a smaller Up-Front Premium with a reduced monthly payment – again for a defined-to-the-day schedule with no cancellation activity EVER required.]

The Fannie Mae Conforming Loan Limit also has a big sister.

This program is often referred to as Agency High Balance or Super Conforming.

The increased loan amounts are derived Per County:

Single-family or condo $862,500

Duplex $1,104,150

Three family $1,334,700

Four family $1,658,700

For instance, if are buying a house in the below counties you will receive the benefit of a larger loan limit which may help keep you out of the Jumbo Mortgage product.

[If you need PMI to get the deal done, both of these conforming programs allow you to have your choice of Monthly PMI (for a defined period of time unlike FHA’s “forever” mortgage insurance) or Upfront PMI (no monthly payment) which we’ve seen paid for ENTIRELY with a Sellers Concession towards Buyer’s Closing Costs (Hint: if you don’t ask for it, you’ll never receive it), or a Hybrid PMI program which mixes a smaller Up-Front Premium with a reduced monthly payment – again for a defined-to-the-day schedule with no cancellation activity EVER required.]

High Balance counties: 

Maine: None

New Hampshire: Rockingham County, Strafford County

Massachusetts: Essex County, Middlesex County, Norfolk County, Plymouth County, Suffolk County. Dukes County and Nantucket County come in at their own stratospheric limit of $1,149,825 for a single-family (call us for 2,3,4 unit limits).

Why do we want to avoid the Jumbo Mortgage?

It’s not so much avoiding the Jumbo, but it’s all about preserving options.

The High Balance program allows you more access to what would otherwise BE a jumbo and it allows you to put the two programs side-by-side and then select the best program for you

As for true Jumbo financing – that’s a sweet spot for us.

What we pledge to deliver to you on our Jumbo offering is a discounted interest rate on a 30-year fixed rate.  

Considering a Jumbo ARM? Please don’t.

Deep a deep breath and know there are alternatives to Jumbo ARMs. 

There really are.

Then read our scathing article on ARMs here.

Still renting? Your time has come. Access our Tenants’ Lounge to unlock your Home Ownership Score® for free!