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 email@example.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