Each company has set a loan cap of up to $625,000 for conforming loan pricing, up 14% from the FHFA’s existing $548,250 limit.
The increases come as home prices have been rising at a record-breaking clip.
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Rocket/Quicken Mortgage, United Wholesale Mortgage and PennyMac are offering higher-balance loans at conforming loan rates, ahead of an increase in conforming loan limits by the Federal Housing Finance Authority that’s expected in November. So reports MortgageGrader.com.
Each company has set a loan cap of up to $625,000 for conforming loan pricing, up 14% from the FHFA’s existing $548,250 limit.
The increases come as home prices have been rising at a record-breaking clip.