Conventional Loan and Refinance Limits 2026

Each year, Fannie Mae and Freddie Mac publish loan limits that most lenders follow. These limits determine the maximum amount you can borrow for both home purchases and refinances while staying within conforming loan guidelines. Borrow more, and you may need a jumbo loan — which comes with stricter requirements and typically higher rates.

Conventional Loan and Refi Limits in 2026

The baseline conforming loan limit for 2026 is $832,750 for single-family homes in most of the country. For Alaska, Guam, Hawaii, and the U.S. Virgin Islands, the baseline is higher at $1,249,125.

Here are the 2026 baseline limits for single-family and multi-family homes:

Units	Contiguous States, DC & Puerto Rico	Alaska, Guam, Hawaii & U.S. Virgin Islands
1	$832,750	$1,249,125
2	$1,066,250	$1,599,375
3	$1,288,800	$1,933,200
4	$1,601,750	$2,402,625

Note: Conforming loans are not available for properties with more than four residential units.

In high-cost areas within the contiguous states, DC, and Puerto Rico, local limits can be as high as:

• 1 unit: $1,249,125
• 2 units: $1,599,375
• 3 units: $1,933,200
• 4 units: $2,402,625

Hawaii has its own slightly higher high-cost area limits:

• 1 unit: $1,299,500
• 2 units: $1,663,600
• 3 units: $2,010,950
• 4 units: $2,499,100

Your local limit may fall somewhere between the baseline and the high-cost ceiling. Use Fannie Mae’s Area Median Income lookup tool to find the limit for your specific area.

What Are Conventional Loan Limits?

Conventional loan limits are set annually by the Federal Housing Finance Agency (FHFA) based on its House Price Index. They define the maximum loan amount that Fannie Mae and Freddie Mac can purchase or guarantee, and they draw the line between conforming loans and jumbo loans.

Loans that fall within these limits are considered conforming — they typically offer lower interest rates, fewer qualification hurdles, and more favorable terms. Jumbo loans, which exceed the limits, often come with higher rates, stricter credit requirements, and larger down payment expectations.

Importantly, limits apply to the loan amount, not the purchase price. You can buy a home above the limit as long as your down payment bridges the gap between the purchase price and the conforming loan ceiling.

How we source rates and rate trends

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Rate data in the charts and tables above comes from RateUpdate.com. The displayed rates come from multiple providers and represent market averages. Your mortgage rate will differ based on individual factors like your credit score as well as differing loan types and terms offered by lenders.

How Are Loan Limits Determined?

Each November, the FHFA publishes updated limits for the following calendar year based on year-over-year home price changes. As long as prices are rising, limits typically increase at the same rate. In 2026, limits increased in almost all counties across the U.S.

High-cost areas exist only in select markets where home prices are significantly above the national average. According to Fannie Mae, those areas are currently found in:

• California
• Colorado
• Washington, D.C.
• Florida
• Hawaii
• Idaho
• Maryland
• Massachusetts
• New Hampshire
• New Jersey
• New York
• Pennsylvania
• Tennessee
• Utah
• Virginia
• Washington
• West Virginia
• Wyoming

Even within these states, only specific markets reach the maximum high-cost cap. Alaska, Guam, Hawaii, and the U.S. Virgin Islands have elevated baseline limits across the board due to higher construction and housing costs.

Regardless of the loan limit that applies to your area, you’ll still need to qualify by meeting your lender’s requirements — including credit score, income, existing debts, and down payment.

Jumbo Loans

If your loan amount exceeds conventional limits, you’ll need a jumbo loan. These typically come with higher interest rates, larger down payment requirements, stricter credit standards, and — in many cases — a requirement to hold 6–12 months of payments in cash reserves.

Non-conforming loans are also less standardized than conventional loans. Eligibility, pricing, and features can vary significantly from lender to lender, so shopping multiple offers is especially important.

Can You Refinance a Jumbo Loan to Conventional?

Yes — if your outstanding balance has fallen within conventional loan limits, you may be eligible to refinance a jumbo loan to a conventional one. Since limits have risen in most counties for several consecutive years, some borrowers who originally needed a jumbo loan may now qualify for conforming financing.

Conforming loans typically carry lower rates than jumbo loans, so making this switch — particularly if market rates have also fallen — can produce meaningful savings. In some cases, pairing a maxed-out conventional loan with a HELOC can also help bridge a gap without crossing into jumbo territory.

See What You Qualify For

Most borrowers won’t hit conventional loan limits, but understanding where you stand helps you plan your purchase or refinance with confidence. Ready to see what you qualify for? Start your application with Refi.com today.

More reading:

• How to Get a Conventional Refinance: Guidelines and Requirements
• Can an FHA-to-Conventional Refinance Save You Money?
• Compare Current Refinance Rates
• What to Know About Conventional 97 Loans