Conventional Loan Limits in PA 2024

Conforming loan limits graphicNavigating the landscape of conventional loans brings to light an array of terms, from maximum loan amounts to county-specific limits. Understanding these nuances is crucial for homebuyers seeking a mortgage within the conventional framework.

The maximum conventional loan amount varies, guided by FNMA loan limits and specific county regulations. Whether you're exploring high-balance loan limits or delving into jumbo mortgage options in Pennsylvania, this comprehensive guide sheds light on the intricacies of conventional loans.

From Fannie Mae's lending limits to conforming loan thresholds, this exploration provides valuable insights for deciphering mortgage amounts' complexities and loan types.

2024 Conforming Loan Limits for PA Counties

One-FamilyTwo-FamilyThree-FamilyFour-Family
Adams$766,550$981,500$1,186,350$1,474,400
Allegheny$766,550$981,500$1,186,350$1,474,400
Armstrong$766,550$981,500$1,186,350$1,474,400
Beaver$766,550$981,500$1,186,350$1,474,400
Bedford$766,550$981,500$1,186,350$1,474,400
Berks$766,550$981,500$1,186,350$1,474,400
Blair$766,550$981,500$1,186,350$1,474,400
Bradford$766,550$981,500$1,186,350$1,474,400
Bucks$766,550$981,500$1,186,350$1,474,400
Butler$766,550$981,500$1,186,350$1,474,400
Cambria$766,550$981,500$1,186,350$1,474,400
Cameron$766,550$981,500$1,186,350$1,474,400
Carbon$766,550$981,500$1,186,350$1,474,400
Centre$766,550$981,500$1,186,350$1,474,400
Chester$766,550$981,500$1,186,350$1,474,400
Clarion$766,550$981,500$1,186,350$1,474,400
Clearfield$766,550$981,500$1,186,350$1,474,400
Clinton$766,550$981,500$1,186,350$1,474,400
Columbia$766,550$981,500$1,186,350$1,474,400
Crawford$766,550$981,500$1,186,350$1,474,400
Cumberland$766,550$981,500$1,186,350$1,474,400
Dauphin$766,550$981,500$1,186,350$1,474,400
Delaware$766,550$981,500$1,186,350$1,474,400
Elk$766,550$981,500$1,186,350$1,474,400
Erie$766,550$981,500$1,186,350$1,474,400
Fayette$766,550$981,500$1,186,350$1,474,400
Forest$766,550$981,500$1,186,350$1,474,400
Franklin$766,550$981,500$1,186,350$1,474,400
Fulton$766,550$981,500$1,186,350$1,474,400
Greene$766,550$981,500$1,186,350$1,474,400
Huntingdon$766,550$981,500$1,186,350$1,474,400
Indiana$766,550$981,500$1,186,350$1,474,400
Jefferson$766,550$981,500$1,186,350$1,474,400
Juniata$766,550$981,500$1,186,350$1,474,400
Lackawanna$766,550$981,500$1,186,350$1,474,400
Lancaster$766,550$981,500$1,186,350$1,474,400
Lawrence$766,550$981,500$1,186,350$1,474,400
Lebanon$766,550$981,500$1,186,350$1,474,400
Lehigh$766,550$981,500$1,186,350$1,474,400
Luzerne$766,550$981,500$1,186,350$1,474,400
Lycoming$766,550$981,500$1,186,350$1,474,400
Mckean$766,550$981,500$1,186,350$1,474,400
Mercer$766,550$981,500$1,186,350$1,474,400
Mifflin$766,550$981,500$1,186,350$1,474,400
Monroe$766,550$981,500$1,186,350$1,474,400
Montgomery$766,550$981,500$1,186,350$1,474,400
Montour$766,550$981,500$1,186,350$1,474,400
Northampton$766,550$981,500$1,186,350$1,474,400
Northumberland$766,550$981,500$1,186,350$1,474,400
Perry$766,550$981,500$1,186,350$1,474,400
Philadelphia$766,550$981,500$1,186,350$1,474,400
Pike$1,149,825$1,472,250$1,779,525$2,211,600
Potter$766,550$981,500$1,186,350$1,474,400
Schuylkill$766,550$981,500$1,186,350$1,474,400
Snyder$766,550$981,500$1,186,350$1,474,400
Somerset$766,550$981,500$1,186,350$1,474,400
Sullivan$766,550$981,500$1,186,350$1,474,400
Susquehanna$766,550$981,500$1,186,350$1,474,400
Tioga$766,550$981,500$1,186,350$1,474,400
Union$766,550$981,500$1,186,350$1,474,400
Venango$766,550$981,500$1,186,350$1,474,400
Warren$766,550$981,500$1,186,350$1,474,400
Washington$766,550$981,500$1,186,350$1,474,400
Wayne$766,550$981,500$1,186,350$1,474,400
Westmoreland$766,550$981,500$1,186,350$1,474,400
Wyoming$766,550$981,500$1,186,350$1,474,400
York$766,550$981,500$1,186,350$1,474,400


What is the Maximum Conventional Loan Amount?

The Fannie Mae conforming loan limit denotes the highest sum of money that the government-sponsored enterprise, Fannie Mae, commits to guarantee or purchase from lenders to maintain liquidity in the mortgage market. Revised annually, this limit signifies the maximum loan amount eligible for Fannie Mae's support.

The conforming loan limit establishes a uniform framework by standardizing mortgage lending. It ensures that loans falling within this range adhere to specific guidelines, contributing to stability and liquidity within the housing finance market.

Borrowers seeking mortgages below this threshold may enjoy more favorable terms and interest rates, given that these loans are perceived as less risky by lenders supported by Fannie Mae. The specific limit is contingent on various factors, encompassing the overall health of the housing market and fluctuations in home prices.

Conclusion

In conclusion, to make an educated choice about your mortgage, it is essential to comprehend the lending restrictions of conforming loans in Pennsylvania. Before signing any paperwork, it's necessary to weigh your alternatives for a mortgage loan and make sure you understand everything.

As a prospective home buyer, you should investigate lenders and evaluate their loan conditions, costs, and interest rates.

It's also important to remember that conforming loan limitations in Pennsylvania might alter due to market changes.

SOURCE: U.S. Department of Housing and Urban Development

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