PennyMac and United Wholesale Mortgage (UWM) Increase Conforming Loan Limits
We are happy to share that PennyMac and United Wholesale Mortgage have increased their conforming loan limits by 14% (over $75,000) for a total of $625,000.
The senior managing director of PennyMac, Kimberly Nichols, stated, “With the recent run-up in home price appreciation affecting many markets throughout the country, we wanted to step in and provide support for borrowers. This will specifically help those trying to purchase a home or access equity in their property while rates are relatively low.”
As home prices continue to rise across the country, potential borrowers could need to secure an additional amount of funding. This increased loan limit will allow those to do so with a conventional mortgage program instead of a jumbo mortgage program.
On top of increasing the loan limit for a single-family home, the conforming limits for two, three, and four unit properties has risen.
2PennyMac’s newly expanded loan limits are higher in Alaska and Hawaii. Visit here for more details: https://bit.ly/3B2vxHK
If you’re interested in taking advantage of the new conforming loan limits – reach out to us today! We are ready to answer your questions and layout a home buying or refinancing plan for you.
If you’d like to read the full PennyMac Press Release – it is available here: http://ir.pennymacfinancial.com/News/news-details/2021/PennyMac-Companies-Support-Broker-and-Correspondent-Partners-By-Offering-Conforming-High-Balance-Loan-Amounts-Up-to-625000-Nationally/default.aspx