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Home prices in Boise actually dipped this past year, though the city saw incredible increases the year before. Despite the recent dip in prices, federal housing officials announced at the end of 2023 that the 2024 conforming loan limit for Boise and all other cities and counties across ID have been increased.
For all cities within Ada, Boise, Canyon, Gem, and Owyhee counties, the 2024 conforming loan limit will increase to $766,550 in 2024. This is for single-family properties. For duplexes, triplexes, and multi-family properties, the limits will be higher. See the chart below for all 2024 loan limits for all property types for the above-mentioned counties.
| County Name | 1 Unit | 2 Units | 3 Units | 4 Units |
| ADA | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| BOISE | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| CANYON | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| GEM | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| OWYHEE | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
A “conforming” loan is one that does not exceed the size requirements used by Fannie Mae and Freddie Mac, the two government-sponsored entities that buy loans from mortgage lenders.
If the home loan amount is within the conforming loan size limits, it is considered a “conforming loan.” But if the loan amount is in excess of these sizes, it is classified as a “jumbo loan.”
Borrowers who need to take out a jumbo loan will likely have to meet more stringent lending criteria because of the higher amount of money being borrowed.
In 2024, the loan limit that separates conforming and jumbo loans in Boise is increased in response to an increase in property values. In 2024, the conforming loan limit for single-family homes in the Boise area went up to $766,550, which is an increase of $40,350 from the 2023 limit of $726,200.
These loans limits are typically the same across metro areas, and in the case of Boise, that means Ada, Boise, Canyon, Gem, and Owyhee counties all have the same loan limits for 2024.
Note: Qualified borrowers with sufficient income are typically able to borrow more than the conforming loan limit in their respective county, which would be considered a “jumbo” mortgage situation.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans, as well as the 2024 conforming loan limits for Idaho.
Thanks to the rise in Boise’s conforming loan limits for 2024, borrowers can expect to take out higher loan amounts when purchasing a property, depending on how much of a down payment they put forth. These loan limits are assessed every year in relation to property values.
When the average home price for a certain area increases significantly within a year, federal housing officials will generally respond by increasing loan limits to keep up.
Interestingly, Boise’s home prices did not increase, and dipped instead. But most other areas across the state did increase in home prices. As such, Boise is not the only area that will see higher conforming loan limits in 2024, as the majority counties across the US will see increases in loan limits next year.
“The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.”
Will you need mortgage financing to buy a home in Boise? We can help. At Sammamish Mortgage, we offer a wide variety of mortgage programs and tools with flexible qualification criteria, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. We have been serving the entire state since 1992, as well as the broader Pacific Northwest region that includes Washington, Oregon, Colorado, and Idaho. Please contact us today with any financing-related questions you have.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.