Fannie Mae has announced increased baseline conforming loan limits for 2024 compared to 2023. The new baseline loan limit for 1 unit is $766,550, which is 5.56% higher than the 2023 loan limit of  $726,200. Loan limits have also been raised for counties with a higher cost of living.

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 units: $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 for Indiana in 2024?

The conforming loan limits for Indiana for 2024 are the same as the baseline conforming loan limits listed above.

In some other states, there are higher conforming loan limits for certain high cost of living areas. But there are no counties like that in Indiana. So, the same conforming loan limits apply regardless of where you are buying a home in the state.

So long as you are borrowing up to the conforming loan limits, you can buy a home with a conforming conventional loan. For borrowing over the limits, you need a non-conforming loan. This type of mortgage also is called a “jumbo” loan.

Buy a Home with a Conforming or Non-Conforming Loan in Indiana

Higher conforming loan limits in 2024 will help more Indiana homebuyers purchase a home with a conforming loan. But both conforming and jumbo loans can be flexible and affordable with the right qualifications.

Please give us a call today at (317) 255-0062 to schedule your consultation. We look forward to helping you buy a home in Indianapolis or anywhere in Indiana with a competitive loan.