By: Movement Team
October 11, 2023
- Blog
- Movement News
- Movement Makes Estimated 2024 Loan Limits Available NOW
Every year, the Federal Housing Finance Administration (FHFA) adjusts loan limits for conventional mortgages to align with current home prices. That means the maximum amount a buyer can qualify for a Fannie Mae or Freddie Mac mortgage will increase. Typically, a borrower would have to wait until January 1, 2024. Movement is giving our customers a competitive advantage in the market by making estimated 2024 limits available now before the FHFA announcement!
Early Release Loan Limit Basics
The maximum loan limit available depends on location and property type. You can find the a breakdown of 1-4 unit properties below:
| Units | Continental US | Alaska and Hawaii |
| 1 | $750,000 | $1,125,000 |
| 2 | $960,300 | $1,440,450 |
| 3 | $1,160,750 | $1,741,125 |
| 4 | $1,442,600 | $2,163,900 |
Buyers can finance a home if they are intending to purchase a:
- Primary home
- Second home
- Investment property
Keep in mind, qualification criteria may differ depending on the occupancy type.
Movement is offering different loan options for this program. A buyer can choose to get a 30-year fixed mortgage which keeps principal and interest payments steady for the term of the loan. Or, for borrowers who are conscious of current rates, a 1/0 or 2/1 temporary buydown can lower the interest rates on loan payments for the first year or two respectively.
Early Release Loan Limit Details
Interested in taking advantage of Movement’s Early Release Loan Limit program? Find the qualification criteria below:
| Primary – Purchase and LCO Refinance | |||
| Property Type | Maximum Loan Amount | Minimum FICO | Maximum LTV/CLTV |
| 1 Unit SFD, Warrantable Condo, PUD | $750,000 | 700 | 95%/95% |
| 2 Unit SFD | $960,300 | 660 | 80%/80% |
| 3 Unit SFD | $1,160,750 | 680 | 75%/75% |
| 4 Unit SFD | $1,442,600 | 680 | 75%/75% |
| Primary Cash Out Refinance | |||
| 1 Unit SFD, Warrantable Condo, PUD | $750,000 | 680 | 80%/80% |
| 2-4 Unit SFD | See max loan amount table | 700 | 75%/75% |
| Second Home - Purchase and LCO Refinance | |||
| 1 Unit SFD, Warrantable Condo, PUD | $750,000 | 680 | 80%/80% |
| Second Home - Cash Out Refinance | |||
| 1 Unit SFD, Warrantable Condo, PUD | $750,000 | 680 | 75%/75% |
| Investment - Purchase and LCO Refinanace | |||
| 1 Unit SFD, Warrantable Condo, PUD | $750,000 | 700 | 80%/80% |
| 2 unit only | See max loan amount table | 700 | 75%/75% |
| Investment - Cash Out Refinance | |||
| 1 Unit SFD, Warrantable Condo, PUD | $750,000 | 680 | 75%/75% |
| 2-4 Unit SFD | Ineligible | ||
Ready to get started?
If you’re ready to access estimated 2024 loan limits early and gain an edge in this market, reach out to your Movement loan officer.
Author: Movement Team
About Movement Mortgage, LLC (“Movement”)
Movement is not just a mortgage company – they’re an Impact Lender and force for positive change. With more than 4,000 teammates across all 50 states, they reinvest the majority of our profits back into the communities they serve. Movement is the 10th ranked top-producing residential mortgage company in the U.S., funding more than $20 billion in residential mortgages annually. The company has contributed nearly $400 million to the Movement Foundation since 2012, funding the Movement Schools network, affordable housing projects and global outreach efforts. For more information on Movement and Impact Lending, visit movement.com/impactreport .
