Effective with new loans locked on or after October 27, 2021, Newrez will begin supporting increased conforming loan limits for Standard ARMs, HomeReady and Home Possible conforming products. 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, and within the limits noted above.
- Newrez will require a full appraisal on loans locked 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 |
||
|
2404 |
2000FNMA5/6SOFRARMELL |
2000 FNMA 5/6 SOFR ARM 2-1-5 - ELL |
|
2403 |
2000FNMA7/6SOFRARMELL |
2000 FNMA 7/6 SOFR ARM 5-1-5 - ELL |
|
2402 |
2000FNMA10/6SOFRARMELL |
2000 FNMA 10/6 SOFR ARM 5-1-5 - ELL |
|
Freddie Mac Conforming ELL Products |
||
|
2406 |
3000FHLMC5/6SOFRARMELL |
3000 FHLMC 5/6 SOFR ARM 2-1-5 - ELL |
|
2407 |
3000FHLMC7/6SOFRARMELL |
3000 FHLMC 7/6 SOFR ARM 5-1-5 - ELL |
|
2405 |
3000FHLMC10/6SOFRARMELL |
3000 FHLMC 10/6 SOFR ARM 5-1-5 – ELL |
|
Freddie Mac Home Possible ELL Products |
||
|
2394 |
3000FHLMC10FRMHPELL |
3000 FHLMC 10 Yr Fixed Home Possible - ELL |
|
2398 |
3000FHLMC15FRMHPELL |
3000 FHLMC 15 Yr Fixed Home Possible - ELL |
|
2397 |
3000FHLMC20FRMHPELL |
3000 FHLMC 20 Yr Fixed Home Possible - ELL |
|
2399 |
3000FHLMC25FRMHPELL |
3000 FHLMC 25 Yr Fixed Home Possible - ELL |
|
2400 |
3000FHLMC30FRMHPELL |
3000 FHLMC 30 Yr Fixed Home Possible - ELL |
|
2395 |
3000FHLMC5/6SOFRARMHPELL |
3000 FHLMC 5/6 SOFR ARM 2-1-5 Home Possible - ELL |
|
2396 |
3000FHLMC7/6SOFRARMHPELL |
3000 FHLMC 7/6 SOFR ARM 5-1-5 Home Possible - ELL |
|
2401 |
3000FHLMC10/6SOFRARMHPELL |
3000 FHLMC 10/6 SOFR ARM 5-1-5 Home Possible - ELL |
|
Fannie Mae HomeReady ELL Products |
||
|
2386 |
2000FNMA10FRMHRELL |
2000 FNMA 10 Yr Fixed HomeReady - ELL |
|
2387 |
2000FNMA15FRMHRELL |
2000 FNMA 15 Yr Fixed HomeReady - ELL |
|
2389 |
2000FNMA20FRMHRELL |
2000 FNMA 20 Yr Fixed HomeReady - ELL |
|
2388 |
2000FNMA25FRMHRELL |
2000 FNMA 25 Yr Fixed HomeReady - ELL |
|
2390 |
2000FNMA30FRMHRELL |
2000 FNMA 30 Yr Fixed HomeReady - ELL |
|
2391 |
2000FNMA5/6SOFRARMHRELL |
2000 FNMA 5/6 SOFR ARM 2-1-5 HomeReady - ELL |
|
2392 |
2000FNMA7/6SOFRARMHRELL |
2000 FNMA 7/6 SOFR ARM 5-1-5 HomeReady - ELL |
|
2393 |
2000FNMA10/6SOFRARMHRELL |
2000 FNMA 10/6 SOFR ARM 5-1-5 HomeReady – ELL |
Resources
Refer to the applicable Newrez Product Profiles located on the Credit Policy and Product Development intranet site in the Newrez Lending Library.