22-28

Fannie Mae and Freddie Mac Increased Conforming Loan Limit

In anticipation of the FHFA release of the 2023 loan limits Homebridge is increasing the maximum conforming loan amount to $715,000 effective immediately.

The following eligibility requirements apply:

  • Fannie Mae and Freddie Mac purchase and refinance transactions ONLY
  • 1-unit owner-occupied, second home, and investment properties (including condos) only
  • Hawaii and Alaska transactions: The maximum conforming loan amount is $1,073,000
  • An “Approve/Ineligible” DU Finding, or an “Accept/Ineligible” LPA Finding are eligible as long as the “ineligible” is due to loan amount only
  • Applies to new submissions The Note date for the transaction must be October 1, 2022 or later; transactions cannot have a Note dated prior to October 1, 2022

NOTE:  There is no change to the current high balance loan limits

The new conforming limit of $715,000 is eligible for loans submitted on or after September 13, 2022 only; it is not eligible for pipeline loans.

At this time, a manual lock will be required.  Brokers will be required to complete the Manual Lock Request form and email it to the lock desk at locks@homebridge.com  The Lock Request form is located on the Forms page of the Homebridge website at www.HomebridgeWholesale.com .

If you have any questions, please contact your Account Executive