Conventional Loan Limits for 2024 in Maryland
If you're looking to buy a home in Maryland, it's important to know the Conventional Loan Limits for 2024. MintRates compiled the Conventional Loan Limits data from Federal Housing Finance Agency. These limits set the maximum amount you can borrow from lenders while staying within the guidelines of Fannie Mae and Freddie Mac.
Key points:
- Conventional Loan Limits are set annually by the FHFA for all states, including Maryland.
- Conventional Loan Limits adjust yearly based on the national housing market.
- In Maryland, Conventional Loan Limits vary by county, with higher limits in more expensive areas.
- Conventional Loan Limits differ for single-family and multi-unit homes.
- Some Maryland counties may qualify for higher limits due to the cost of living.
- Loans above Conventional Loan Limits are considered jumbo loans and follow different guidelines.
Summary of Maryland Conventional Loan Limits
In 2024, the Conventional Loan Limits in Maryland are set to guide how much you can borrow based on the type of property and the number of units. Here’s a quick overview of the minimum and maximum loan amounts for each property type set in Maryland for 2024:
- One-Unit Limit: $766,550
- Two-Unit Limit: $981,500
- Three-Unit Limit: $1,186,350
- Four-Unit Limit: $1,474,400
Find the 2024 Maryland Conventional Loan Limits by County from the list below to explore detailed loan limits for different unit types.