The higher limit gives brokers more room to keep borrowers from crossing into jumbo territory
Tagged: conforming loan limits
Rocket's loan limits are set to $825,550 for SF homes and $1,238,325 for properties in Alaska and Hawaii
CrossCountry Mortgage and Rate have both said they will buy loans right now up to $819k
But unlike its competitor, Pennymac also hiked its ceiling in Alaska and Hawaii to $1,228,500.
Last week UWM said it will honor $819,000 as the new limit on one-unit conventional and VA loans
The 5.2% increase from 2024's ceiling of $766,550 is less than 2024's 5.5%.
Pennymac increased its conforming loan limit to $802,650
Starting today, brokers working with Rocket Pro TPO can loan up to $802,650, up from 2024's $766,550.
FHFA Announces 5.6% Increase in Conforming Loan Limits for 2024
EVP Mike Fawaz underscores the move's competitive edge, marking the firm's second consecutive year ahead of FHFA's anticipated adjustments.