Conventional Mortgage Loan Limits increased for 2024

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Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit” (CLL) value. Loans above this amount are known as jumbo loans.
Essex County is considered a high-cost area, and limits are higher than the base level set by the FHFA. For 2024, the CLL is $766,550 and for Essex County the limit is $862,500,

Which means that, with a 20% down payment, a property in a standard area costing just over $950,000 can be purchased with a conventional mortgage, and in Essex County that rises to well over $1 million.

And these recent articles:
Why Mortgage Rates will fall in 2024
Conventional Mortgage Loan Limits increased for 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT

Two More Ways the Mortgage Market differs from 2007/2008
November Inventory down 60% from 2019
Credit Score Change Could Help Millions of Buyers
2 of Every 25 U.S. Homes Worth at Least $1M

Economic and mortgage commentary
Two signs Inflation is Slowing
What drives Mortgage rates in one chart
How Marblehead’s 2023 Property Tax Rate is Calculated
Essex County 2023 Property Tax Rates: Town by Town guide
Why Mortgage Rates Will Fall
Two More Ways the Mortgage Market differs from 2007/2008
Market Reports
 Essex County 2022 Housing Market Review
Essex County Town by Town Guide: 2022 Median Prices and Sales; 2023 Tax Rates

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or [email protected].

Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®

m 617.834.8205

www.OliverReportsMA.com

“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
__________________

Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
[email protected]
www.AndrewOliverRealtor.com
www.OliverReportsFL.com

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Compass
800 Laurel Oak Drive, Suite 400, Naples, FL 34108
m: 617.834.8205