2024 California Conforming Loan Limits
Key Topics In This Article: | Loan Limits By County | Loan Limits Since 2015 | Underwriting Requirements |
The Federal Housing Finance Agency (FHFA) has set the 2024 California conforming loan limit at $766,550 and up to $1,149,825 (1-unit property) in high-cost areas (e.g., Los Angeles County).
What is a conforming loan? A conforming loan is a conventional home loan that “conforms” to the loan limits established by the Federal Housing Finance Agency and the underwriting guidelines of Fannie Mae and Freddie Mac.
2024 California Loan Limits By County
Here are the 2024 California conforming loan limits for all 58 counties. The Federal Housing Finance Agency (FHFA) annually updates its conforming loan limits.
| County | 1-Unit | 2-Unit | 3-Unit | 4-Unit |
|---|---|---|---|---|
| ALAMEDA | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
| ALPINE | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| AMADOR | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| BUTTE | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| CALAVERAS | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| COLUSA | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| CONTRA COSTA | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
| DEL NORTE | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| EL DORADO | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| FRESNO | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| GLENN | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| HUMBOLDT | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| IMPERIAL | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| INYO | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| KERN | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| KINGS | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| LAKE | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| LASSEN | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| LOS ANGELES | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
| MADERA | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| MARIN | $1,149,825 | $981,500 | $1,186,350 | $1,474,400 |
| MARIPOSA | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| MENDOCINO | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| MERCED | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| MODOC | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| MONO | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| MONTEREY | $920,000 | $1,177,750 | $1,423,650 | $1,769,250 |
| NAPA | $1,017,750 | $1,302,900 | $1,574,900 | $1,957,250 |
| NEVADA | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| ORANGE | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
| PLACER | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| PLUMAS | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| RIVERSIDE | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| SACRAMENTO | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| SAN BENITO | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
| SAN BERNARDINO | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| SAN DIEGO | $1,006,250 | $1,288,200 | $1,557,150 | $1,935,150 |
| SAN FRANCISCO | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
| SAN JOAQUIN | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| SAN LUIS OBISPO | $929,200 | $1,189,550 | $1,437,900 | $1,786,950 |
| SAN MATEO | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
| SANTA BARBARA | $838,350 | $1,073,250 | $1,297,300 | $1,612,250 |
| SANTA CLARA | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
| SANTA CRUZ | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
| SHASTA | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| SIERRA | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| SISKIYOU | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| SOLANO | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| SONOMA | $877,450 | $981,500 | $1,186,350 | $1,474,400 |
| STANISLAUS | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| SUTTER | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| TEHAMA | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| TRINITY | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| TULARE | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| TUOLUMNE | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| VENTURA | $954,500 | $1,221,950 | $1,477,050 | $1835,600 |
| YOLO | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| YUBA | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
FHFA Conforming Loan Limit Press Release
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.
National Baseline
The Housing and Economic Recovery Act (HERA) requires FHFA to adjust the Enterprises’ baseline CLL value each year to reflect the change in the average U.S. home price. Earlier today, FHFA published its third quarter 2023 FHFA House Price Index® (FHFA HPI) report, which includes statistics for the increase in the average U.S. home value over the last four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 5.56 percent, on average, between the third quarters of 2022 and 2023. Therefore, the baseline CLL in 2024 will increase by the same percentage.
High-Cost Areas
For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit value, the applicable loan limit will be higher than the baseline loan limit. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting the ceiling at 150 percent of the baseline limit. Median home values generally increased in high-cost areas in 2023, which increased their CLL values. The new ceiling loan limit for one-unit properties will be $1,149,825, which is 150 percent of $766,550.
Source
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California Conforming Loan Limits Since 2015
The Federal Housing Finance Agency annually updates its California conforming loan limits. Here are the California conforming loan limits since 2015:
2015 California Conforming Loan Limits
The California conforming loan limit in 2015 was $417,000; in some high-cost counties, like Los Angeles County, it was as high as $615,250 (source).
2016 California Conforming Loan Limits
The California conforming loan limit in 2016 was $417,000 (the same as in 2015), and in some high-cost counties, like San Francisco County, it was as high as $625,500 (source).
2017 California Conforming Loan Limits
The California conforming loan limit in 2017 was $424,100; in some high-cost counties, like Alameda County, it was as high as $636,150 (source).
2018 California Conforming Loan Limits
The California conforming loan limit in 2018 was $453,100; in some high-cost counties, like Orange County, it was as high as $679,650 (source).
2019 California Conforming Loan Limits
The California Conforming Loan limit in 2019 was $483,350; in some high-cost counties, like Santa Clara County, it was as high as $726,525 (source).
2020 California Conforming Loan Limits
The California conforming loan Limit in 2020 was $510,400, and in some high-cost counties, like San Mateo County, it was as high as $765,600 (source).
2021 California Conforming Loan Limits
The California conforming loan Limit in 2021 was $548,250. In some high-cost counties, like Santa Cruz County, it was as high as $822,375 (source).
2022 California Conforming Loan Limits
The California conforming loan limit in 2022 was $647,200 for most counties, and in some high-cost counties, like Marin County, it’s as high as $970,800 (source).
2023 California Conforming Loan Limits
The 2023 California conforming loan limit is $726,200 for most counties, and in some high-cost counties, like Contra-Costa County, it’s as high as $1,089,300 (source).
Conforming Loan Underwriting Requirements
The baseline conforming loan underwriting requirements are found in Fannie Mae’s “Selling Guide.” The guide is over 1,100 pages, so I’ll touch on the most essential areas you should be aware of as of January 1, 2024:
- The loan amount must conform to the preset lending limits.
- Conforming loan underwriting requirements allow for primary, secondary, and non-owner occupied properties (provided they are one to four units).
- Single Family Residences, Condominiums, Townhomes, Multi-Unit, and Manufactured homes are all eligible.
- The minimum down payment for a purchase is 3.00%, and the minimum amount of equity in a home for a refinance is 3.00%.
- Generally speaking, you need a credit score above 620 to obtain a conforming loan. Qualifying for scores below 700 becomes more difficult as you move further down.
- The debt-to-income ratio should be 50% or lower.
- Most conforming loans do not need liquid asset reserves; however, some do. You’ll need to show some liquid reserves if purchasing or refinancing a rental property. If you have a low credit score, a debt-to-income ratio above 45%, and are taking cash out, you’ll need to show some liquid reserves.
For a more in-depth understanding of the general conforming loan underwriting requirements contact us directly so we can answer any questions you may have.
Is A Conforming Loan Right For You?
If your loan amount is within the preset conforming loan limits for your county, your credit score is above 700, and your debt-to-income ratio is below 50%, then a conforming loan might be right for you even if you only have 3% down (or 3% equity if you’re refinancing).
Conforming loans offer some of the best mortgage rates, and for those with less than 20% down (or equity), you’ll have a lower Mortgage Insurance (MI) cost.
In addition to the lower MI cost, you’ll be able to get rid of the MI, whereas, on an FHA loan, it’s permanent.
K.O. Home Loan Solutions
Working with Loan Officer Kevin O’Connor, creator of the K.O. Home Loan Solutions website, you’ll have access to low rates, fast closings, and exceptional service.
You’ll work directly with Kevin from application to closing. This enables a much more efficient loan process, and you’ll always know who to contact if you have a question. We’ve developed a system that uses the latest technology to ensure our mortgage rates are among the most competitive in the industry.
Loan Officer Kevin O’Connor works under JB Mortgage Capital, Inc. JBMC, Inc. has an “A+” rating with the Better Business Bureau and a “AAA” rating with the Business Consumers Alliance. Call us today at 1-800-550-5538 for a no-cost/no-obligation quote, or submit an online request for more information.
