By Phil Ganz
Edited by Ryan Skerritt
This article delves into the 2024 mortgage limits in Florida, highlighting how they impact your purchasing power and financial planning.
Whether you're looking to buy a primary residence, invest in a vacation home, or explore refinancing options, our guide provides essential insights tailored to Florida's unique market conditions.
Let's explore what these changes mean for you and how you can navigate the Florida real estate landscape more effectively in 2024.
2024 Florida Conforming Loan Limits
In Florida, you'll notice that the loan limits for 2024 are the same for all counties except Monroe County, which has higher limits due to the high cost of housing in Monroe.
| Florida County | 1-Unit Home | 2-Unit Home | 3-Unit Home | 4-Unit Home |
|---|---|---|---|---|
| Alachua | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Baker | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Bay | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Bradford | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Brevard | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Broward | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Calhoun | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Charlotte | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Citrus | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Clay | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Collier | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Columbia | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| DeSoto | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Dixie | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Duval | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Escambia | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Flagler | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Franklin | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Gadsden | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Gilchrist | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Glades | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Gulf | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Hamilton | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Hardee | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Hendry | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Hernando | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Highlands | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Hillsborough | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Holmes | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Indian River | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Jackson | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Jefferson | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Lafayette | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Lake | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Lee | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Leon | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Levy | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Liberty | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Madison | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Manatee | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Marion | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Martin | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Miami-Dade | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Monroe | $929,200 | $1,189,550 | $1,437,900 | $1,786,950 |
| Nassau | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Okaloosa | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Okeechobee | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Orange | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Osceola | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Palm Beach | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Pasco | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Pinellas | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Polk | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Putnam | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Santa Rosa | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Sarasota | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Seminole | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| St. Johns | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| St. Lucie | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Sumter | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Suwanee | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Taylor | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Union | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Volusia | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Wakulla | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Walton | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Washington | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Understanding Mortgage Loan Limits in Florida for 2024
Mortgage loan limits are crucial for understanding the Florida real estate market in 2024. These limits, set by the Federal Housing Finance Agency (FHFA) for conforming loans and the Federal Housing Administration (FHA) for FHA loans, dictate the maximum loan amount a buyer can secure. These limits can vary in Florida by property type and county, including those designated high-cost areas.
For 2024, the conforming mortgage loan limit for a single-unit home in Florida is $766,550, while the FHA mortgage loan limit is $498,257. These figures are adjusted annually, reflecting changes in Florida's local and national housing market values.
Loans exceeding these limits are known as jumbo mortgages. Notably, VA and USDA loans have not set mortgage loan limits for Florida homebuyers and veterans in 2024.
Understanding these limits is vital for anyone purchasing a home in Florida, ensuring informed decisions in this dynamic market.
Jumbo Mortgages in Florida
In the context of Florida's 2024 mortgage landscape, it's essential to understand the role of jumbo mortgages. These home loans exceed the standard mortgage limits the Federal Housing Finance Agency (FHFA) set.
In 2024, for a single-unit home in Florida, this limit is $766,550 for conforming loans and $498,257 for FHA loans. A jumbo mortgage becomes necessary when a home buyer seeks to purchase a property that surpasses these limits.
The Role of Jumbo Mortgages in Florida's Market
In Florida, especially in high-cost areas or in luxury property markets, home prices often exceed the set mortgage limits. This is where jumbo mortgages come into play, enabling buyers to finance these more expensive properties.
As the Florida real estate market continues to show strength, with a trend towards higher property values, the demand for jumbo mortgages will likely increase. This is particularly relevant in rapidly growing areas and regions where luxury properties are common.
Jumbo mortgages typically come in different terms than standard mortgages. They may have higher interest rates, require larger down payments, and more stringent credit requirements. This is due to the higher risk associated with larger loan amounts.
When to Consider a Jumbo Mortgage
If you're eyeing a high-value property in affluent areas of Florida, such as Monroe County, you're more likely to need a jumbo mortgage.
Jumbo mortgages can be a viable option for investing in Florida’s lucrative real estate market, particularly in upscale neighborhoods or commercial properties.
Securing a jumbo mortgage requires solid financial footing. This includes a strong credit score, a low debt-to-income ratio, and the ability to make a significant down payment.
Florida's 2024 Mortgage Landscape - An Overview
As we head into 2024, the Florida mortgage landscape is shaped by several key factors influencing the real estate market.
As of August 2023, Florida saw 22,917 closed sales, a 7.9% decrease year-over-year. The average sale price was $575,832, a 3.7% increase, and the median sale price was $415,000, up 2%.
The median time to sell was 69 days, a 21.1% increase, indicating a slightly slower market. There was a 25% increase in the supply of inventory and 14.9% of homes sold above the list price.
State of the Market
The Florida housing market remains robust, consistently growing over the past decade. Despite a recent slight decrease in buyer demand, home prices are still high compared to historical norms.
The state's popularity as a destination for migration and retirement continues to drive a steady demand for homes. Experts suggest little likelihood of a significant reduction in residential real estate prices shortly
Florida is experiencing substantial population growth, largely due to immigration. The state has become a top destination for people moving within the United States, with areas like Orlando, Sarasota, Tampa, Cape Coral, and Miami among the most popular. This influx has been a major driver of the housing market's strength.
The market dynamics in Florida have traditionally favored sellers due to high demand and tight supply. However, the recent rise in interest rates may temper demand somewhat, potentially moderating the rapid price growth seen in recent years.
This shift could bring about a more balanced market dynamic, especially with the introduction of new construction inventory.
Inventory Challenges
Florida has faced low inventory levels throughout 2022 and 2023, contributing to rising home values. The construction of new homes has not kept pace with demand, partly due to concerns about affordability in the face of higher interest rates.
Future Outlook
Looking ahead to 2024, the market is expected to lean slightly in favor of sellers, although integrating new construction may offer more options for buyers.
Demand remains strong, supported by Florida’s growing population and job market, but the pace of home appreciation has slowed, and price cuts are becoming more common as the market rebalances.
In summary, while the Florida mortgage landscape in 2024 is marked by high prices and a seller's market, a gradual shift towards a more balanced market is expected. The state's ongoing popularity as a destination for new residents continues to underpin the robust real estate market.
Refinancing Options in Light of New Loan Limits
With the 2024 adjustment in Florida's mortgage loan limits, current homeowners might find new refinancing opportunities. These changes can influence refinancing in several ways:
-
Increased Borrowing Capacity - Higher loan limits enable homeowners to refinance larger amounts. This can be particularly beneficial for those in high-value property areas, allowing them to leverage their home's increased equity.
-
Jumbo Loan Refinancing - Homeowners with existing jumbo loans might find themselves eligible for refinancing under the new, higher conforming loan limits. This shift could potentially lower interest rates and offer more favorable terms.
-
Home Improvement and Debt Consolidation - The increased loan limits allow homeowners to refinance for purposes beyond just lowering interest rates, such as funding major home renovations or consolidating higher-interest debt.
-
Market Dynamics - The real estate market in Florida, characterized by rising home values, makes refinancing a strategic move for many homeowners. Refinancing can unlock better rates and terms with new loan limits, aligning with the current market conditions.
- Lender Competition - As loan limits increase, competition among lenders may intensify, leading to potentially better refinancing options for homeowners. This competition can result in lower closing costs and more customized lending solutions.
In summary, the revised loan limits in 2024 open up various refinancing possibilities for Florida homeowners, allowing them to capitalize on the equity in their homes and adapt to the evolving market conditions.
It's a favorable time for homeowners to reassess their mortgage needs and consider refinancing options that align with their financial goals.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
