Announcement 2021- 077 - Conforming Loan Limits Update

Effective with new loans locked on or after October 22, 2021, Newrez will begin supporting increased conforming loan limits for Standard Fixed Rate conforming products except for the RefiNow and Refi Possible Programs. Standard ARMs, HomeReady and Home Possible products will be implemented at a later date. The new loan limits will be:

 

Temporary Expanded Conforming Loan Limits

Units

Standard Conforming

AK & HI

1

$   625,000

$ 937,500

2

$   800,250

$ 1,200,375

3

$   967,250

$1,450,875

4

$ 1,202,000

$1,803,000

 

Requirements

  • Loans must receive a DU Approve/Ineligible or LPA Accept/Ineligible; “Ineligible” solely due to the loan amount being in excess of the 2021 limits, but within the limits noted above.
  • Newrez will require a full appraisal on loans locked as conforming with balances above the current loan limits and up to the expanded loan limits, regardless of the DU/LPA appraisal recommendation. Appraisal waivers are not acceptable.
  • Properties in high-cost counties may see both the High Balance or Super Conforming and Expanded Loan Amount (ELL) products return as Eligible for their loan. Originators should select the product that offers the borrower the best price for their particular scenario.
  • Pricing
    • Loans that fall into the expanded loan limits will be priced as a standard conforming loan with the following adjustments:
  • Purchase and Rate and Term Refi = -0.20
  • Cash-out Refi = -0.50

 

Eligible Products

 

Temporary Expanded Loan Limit (ELL) Products

Productid

Productalias

Productdescription

Fannie Mae Conforming ELL Products

2376

2000FNMA10FRMELL

2000 FNMA 10 Yr Fixed - ELL

2377

2000FNMA15FRMELL

2000 FNMA 15 Yr Fixed - ELL

2378

2000FNMA20FRMELL

2000 FNMA 20 Yr Fixed - ELL

2379

2000FNMA25FRMELL

2000 FNMA 25 Yr Fixed - ELL

2380

2000FNMA30FRMELL

2000 FNMA 30 Yr Fixed - ELL

Freddie Mac Conforming ELL Products

2381

3000FHLMC10FRMELL

3000 FHLMC 10 Yr Fixed - ELL

2382

3000FHLMC15FRMELL

3000 FHLMC 15 Yr Fixed - ELL

2383

3000FHLMC20FRMELL

3000 FHLMC 20 Yr Fixed - ELL

2384

3000FHLMC25FRMELL

3000 FHLMC 25 Yr Fixed - ELL

2385

3000FHLMC30FRMELL

3000 FHLMC 30 Yr Fixed - ELL