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One-Time Close Construction Loan Limits In 2024


One-Time Close Construction Loan Limits In 2024
Government agencies update the conforming loan limits for conventional and government-backed home loans every year. 

The 2024 loan limits issue is important for those considering their construction loan options because the updated limits could increase the borrowing power of some looking to build a house with a single closing day and a single credit check.

FHA Construction Loan Limits For 2024

FHA One-Time Close construction loan limits for 2024 are as follows:

FHA national low-cost area mortgage limits are fixed annually at 65% of the national conforming limit. In 2024, the national conforming loan limit is $766,550. 65% of that number (for a one-unit home) is $498,257

FHA loans offered in high-cost areas have loan limits established yearly at 150% of the national conforming limit of $766,550 for a one-unit Property. In 2024, the FHA loan limit for a single-unit home in a high-cost area is $1,149,825.

There are also higher loan limits in 2024 for “special exception areas,” including Guam, Alaska, and Hawaii. The higher ceiling on the FHA loan limit in these areas for a single-unit property is $1,724,725.

VA One-Time Close Loan Limits For 2024

VA mortgages have no loan limit for those with 100% VA loan entitlement. All others applying for a VA loan with less than 100% entitlement are subject to a VA loan limit based on the county you’re buying in. 

The Federal Housing Finance Agency establishes these limits, similar to conventional loans mentioned below.

Conventional Conforming Loan Limits For 2024

According to the Federal Housing Finance Agency (FHFA), property values in 2023 rose by more than 5.5%. Loan limits for 2024 increase to $766,550 in many parts of the United States, with high-cost areas experiencing a loan limit increase to $1,149,825.

If you want to build a home from the ground up using a conventional mortgage in 2024, you should expect to pay 20% down, have FICO scores well in the mid-600 range, and you should be able to make your own down payment rather than relying on down payment assistance.

2024 loan limits for all loan types listed above apply for loans with case numbers issued in the new year. If you have a case number issued in the year prior, that year’s loan limits may apply to you.

Want More Information About One-Time Close Loans?

We have extensively researched the FHA (Federal Housing Administration) and the VA (Department of Veterans Affairs) One-Time Close Construction loan programs.

We have spoken directly to licensed lenders that originate these residential loan types in most states, and each company has supplied us with the guidelines for their products. We can connect you with mortgage loan officers who work for lenders who know the product well and consistently provide quality service.

If you are interested in being contacted by a licensed lender in your area, please send responses to the questions below. All information is treated confidentially. 

OneTimeClose.com provides information and connects consumers to qualified One-Time Close lenders to raise awareness about this loan product and to help consumers receive higher-quality service.

We are not paid for endorsing or recommending the lenders or loan originators and do not otherwise benefit from doing so. Consumers should shop for mortgage services and compare their options before agreeing to proceed. 

Please note that investor guidelines for the FHA and VA One-Time Close Construction Program only allow for single-family dwellings (1 unit) – and NOT for multi-family units (no duplexes, triplexes or fourplexes).

In addition, the following homes/building styles are not allowed under these programs: Kit Homes, Barndominiums, Log Cabin Homes, Shipping Container Homes, Stilt Homes, Solar (only) or Wind Powered (only) Homes. 

Contact Us:  Send Us Your Request – Spam Safe

Please send your email request to [email protected] which authorizes OneTimeClose.com to share your personal information with one mortgage lender licensed in your area to contact you. 

1.  Send your first and last name, e-mail address, and contact telephone number.

2.  Tell us the city and state of the proposed property.

3.  Tell us your and/or the Co-borrower’s credit profile: Excellent – (680+), Good - (640-679), Fair – (620-639), or Poor- (Below 620). 620 is the minimum qualifying credit score for this product. 

4.  Are you or your spouse (Co-borrower) eligible veterans?
If either of you is an eligible veteran, down payments as low as $0 may be available up to the maximum amount your debt-to-income ratio per VA will allow – there are no maximum loan amounts as per VA guidelines.

Most VA lenders will go up to $1,500,000 and review higher loan amounts on a case-by-case basis. If not, the FHA down payment is 3.5% up to the maximum FHA lending limit for your county.
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