![]() ![]() ![]() Some lenders, including PennyMac and United Wholesale Mortgage (UWM), are already offering what they’re calling “conforming loans” of up to $625,000 - even though that’s well above the current $548,250 baseline conforming loan limit for single-family homes in most markets. The surge in home prices during the pandemic could fuel the biggest dollar increase in the conforming loan limit for Fannie Mae and Freddie Mac in records dating to 1970.Īn increase in the conforming loan limit means more homebuyers will be able to apply for conforming mortgages instead of “jumbo” loans, which are typically harder to qualify for and carry higher interest rates because they’re not backed by Fannie and Freddie. ![]()
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