Discover the latest 2024 conforming loan limits in Raleigh, North Carolina, expertly explained by Raleigh Mortgage Broker Logan Martini with the Martini Mortgage Group. This update, critical for anyone seeking a Raleigh home loan, signifies a significant increase in loan limits, empowering more Raleigh homebuyers.
With the new 2024 conforming loan limits, the potential for owning your dream home in Raleigh just got bigger.Raleigh Mortgage Broker Logan Martini
Unlock Bigger Dreams with the 2024 Conforming Loan Limit Increase
The 2024 conforming loan limits for Raleigh, North Carolina, and every one of 100 counties in North Carolina, by the Federal Housing Finance Agency (FHFA) have been established. 2024 will bring a $40,350 increase in conforming loan limits for a one-unit property for one looking to secure a Raleigh mortgage. The new 2024 conforming loan limits are as follows:
- One-Unit: $766,550
- Two-Unit: $981,500
- Three-Unit: $1,186,350
- Four-Unit: $1,474,400
These higher limits mean that you can now afford a more expensive home with a smaller down payment, increasing your buying power. This change is a game-changer not only for repeat homebuyers but also for first-time buyers in Raleigh. Now, a first-time homebuyer can purchase a home valued at more than $790,000 with just a 3% down payment and still obtain a conforming loan.
Understanding Conforming Loans
Conforming loans, guaranteed by Fannie Mae (a.k.a. Federal National Mortgage Association or FNMA) and Freddie Mac (a.k.a. Federal Home Loan Mortgage Corporation or FMCC), are the bedrock of the American dream of homeownership. Conforming loans adhere to specific guidelines set by these government-sponsored entities, ensuring a steady flow of funds and making home financing more accessible and affordable. They offer more favorable interest rates and terms than non-conforming loans, making homeownership attainable for more people.
NOTE: Raleigh home loans guaranteed by Fannie Mae or Freddie Mac are commonly referred to as conforming loans since they conform to the Fannie Mae and Freddie Mac guidelines. Conforming loans are also referred to as agency or conventional loans.
Why Do Conforming Loan Limits Change?
Post-2008’s Housing and Economic Recovery Act (HERA) requires annual adjustments to conforming loan limits based on the FHFA House Price Index. In North Carolina, and specifically in the Raleigh-Cary metro area, the latest data shows a significant year-over-year increase in home prices, thus influencing the new loan limits.
In the United States house prices rose 5.5% over the past year and rose 2.1% over the last quarter (i.e., Q3 2023). In the Raleigh – Cary, North Carolina metro, home values increased 4.0% year-over-year and 1.5% quarter to quarter. The Raleigh – Cary North Carolina metro area is ranked #69 of 100 top metros.
Connect with Logan Martini for Personalized Advice
Navigating the world of home loans and understanding the impact of new conforming loan limits is crucial. As a leading Raleigh Mortgage Broker, Logan Martini is available to answer your questions and guide you through the process. Whether you’re a first-time buyer or looking to upgrade, Logan Martini’s expertise in Raleigh home loans and understanding of conforming loan limits in Raleigh will be invaluable.
Contact Logan Martini today to explore how you can maximize these new opportunities.
A Homebuyer Guide by Raleigh Mortgage Broker Logan Martini
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