2024 New York Conforming Loan Limits
Conforming loan limits are the maximum loan amounts that Fannie Mae and Freddie Mac are willing to purchase from lenders. Loans that fall within these limits are known as conforming loans and typically offer more favorable interest rates and terms compared to non-conforming or jumbo loans. Conforming loan limits are set by the Federal Housing Finance Agency (FHFA) and are adjusted annually to reflect changes in the housing market.
The FHFA determines conforming loan limits based on the House Price Index (HPI), which measures the average change in home prices across the country. The conforming loan limit is set at 115% of the median home price in a given area, subject to a floor and a ceiling. In New York, conforming loan limits are divided into two main categories:
- Standard Conforming Loan Limits. These limits apply to most counties in the state and represent the baseline for conforming mortgages.
- High Cost Area Conforming Loan Limits. These limits are higher than the standard limits and are applicable in counties with significantly higher median home prices, such as Bronx, Kings, Nassau, Putnam, Queens, Richmond, Rockland, Suffolk and Westchester counties.
For a 1 unit home (single family) the limits in New York range from a standard limit of $766,550 up to a high cost limit of $1,149,825. Conforming loans also has different loan limits based on the number of units in the home. Below are the 2024 conforming loan limits for 1- 4 unit properties in NY for each county.
| County | 1 Unit | 2 Units | 3 Units | 4 Units |
|---|---|---|---|---|
| ALBANY, ALLEGHANY, BROOME, CATTARAUGUS, CAYUGA, CHAUTAUQUA, CHEMUNG, CHENANGO, CLINTON, COLUMBIA CORTLAND, DELAWARE, DUTCHESS, ERIE, FRANKLIN, FULTON, GENESEE, GREENE HAMILTON, HERKIMER, JEFFERSON, LEWIS, LIVINGSTON, MADISON, MONROE, MONTGOMERY | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| NIAGARA, ONEIDA, ONONDAGA, ONTARIO, ORANGE, ORLEANS, OSWEGO, OTSEGO, RENSSELAER, SARATOGA, SCHENECTADY, SCHOHARIE, SCHUYLER, SENECA, ST LAWRENCE, STEUBEN, SULLIVAN, TIOGA, TOMKINS, ULSER, WARREN, WASHINGTON, WAYNE, WYOMING | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| BRONX, KINGS, NASSAU, PUTNAM, QUEENS, RICHMOND, ROCKLAND, SUFFOLK, WESTCHESTER | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
View Conforming Loan Limits for Other States
| California Conforming Loan Limits | New Jersey Conforming Loan Limits |
| Connecticut Conforming Loan Limits | Pennsylvania Conforming Loan Limits |
| Florida Conforming Loan Limits | Texas Conforming Loan Limits |
Why Conforming Loan Limits in New York are Higher in 2024
Conforming loan limits in New York have increased in 2024 compared to the previous year due to the continuous rise in home prices across the state. The competitive housing market and strong demand for homes have resulted in an appreciation of home values. The higher loan limits help borrowers keep up with the market and provide greater purchasing power, particularly for those looking to buy homes in high-cost areas.
How to Get Pre-approved for a Conventional Loan in New York
Getting pre-approved for a conventional mortgage is quick and easy with our online Loan Application. After completing the application, you will receive instructions on how to upload your documents. For a list of documents you will need to upload, see our Pre-approval Document Checklist.
Conventional Mortgage Rates in New York
View our current New York Conventional Mortgage Rates.
Conforming Loan Limits FAQs
Loan limits vary because they are based on the median home prices in specific areas. This approach ensures that the amounts reflect the local real estate market, making conventional loans accessible and reasonable for homebuyers in different regions.
Conforming loan limits can change annually based on movements in the housing market and home price indices.
If the home price exceeds the conforming loan limits for your county, you have a few options: consider a different home that falls within the loan limits, make a larger down payment to cover the difference, or look into different types of financing, such as a conventional jumbo loan.
See our Conventional Loan Requirements for more information on how to qualify for a conventional loan.
No, there are no income limits for obtaining a coventional loan. However, borrowers must meet debt-to-income (DTI) ratio guidelines and prove their ability to repay the loan. Typically, conventional loan guidelines require a DTI ratio of 50% or less.