Homebridge is updating the 2023 conforming loan amounts as detailed below.
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.
Update to Loan Limits Effective October 13, 2022
Homebridge is amending the above policy for eligible conforming loan amounts as noted below.
- Maximum conforming loan amount in the contiguous states is $700,000 (previously $715,000)
- Hawaii and Alaska transactions: Maximum conforming loan amount is $1,050,000 (previously $1,073,000)
The lower maximum loan amount applies to Fannie Mae and Freddie Mac new submissions and loans in the pipeline locked on or after Friday, October 14th and after. Locked pipeline transactions using the previously communicated higher limits will be honored
If you have any questions, please contact your Account Executive