SUBJECT: 2024 FNMA and FHLMC Loan Limits
DATE: October 19, 2023
REMN is pleased to announce that we will permit FNMA & FHLMC loans to utilize anticipated 2024 general/conforming loan limits, effective immediately.
Loans applying anticipated 2024 loan limits are subject to the following:
- FNMA & FHLMC conforming products only
- 1-unit properties only (including condos). 2–4-unit properties are ineligible until a formal announcement is made by FNMA/FHLMC
- Purchase and refinance transactions are eligible
- Owner-occupied, 2nd home, and investment occupancies are eligible
- There is no change to high balance limits until a formal announcement is made by FNMA/FHLMC
- Applies to new and existing pipeline loans
- Loans over 80% LTV that need MI must use a REMN-approved MI company that is allowing the “early release” of 2024 loan limits (Enact, Essent, MGIC)
- The earliest Note date is 11/02/2023
- The first payment date can be no earlier than January 1, 2024 (no interest credits permitted)
- AUS findings of “Approve/Ineligible” will be accepted if the SOLE reason for ineligibility is due to 2023 loan amount restrictions (and anticipated 2024 loan limits are not exceeded):
|
Subject Property Location |
Anticipated 2024 Conforming Loan Limit (1-Unit ONLY) |
|
48 Contiguous States |
$750,000 |
|
Alaska & Hawaii |
$1,125,000 |
**Please contact your Account Executive with any questions**