In 2017, the mortgage industry saw the first increase in the Federal Housing Finance Agency Loan Limits (reflected by Fannie Mae and Freddie Mac) in over a decade…since 2006. (View Fannie Mae Historical Conventional Loan Limits Here – 1980-2012) For 2018 yet another increase is on the horizon again easing the availability of conforming rates for buyers and those seeking equity via a refinance.
The higher loan limits equals more purchase power at lower rates for homebuyers and eases qualifying for those looking to refinance. With generic tables highlighting the max loan limits for 1-4 units for low cost and high cost areas, the max loan amount limits are further broken down per county by Fannie Mae. To view the generic tables, and access the county for where your borrowers are located, you can download an excel spreadsheet lookup table from Fannie Mae.
How does this loan limit update affect you at NewLeaf Wholesale? In NewLeaf Broker Bulletin 2017-54, you will find a detailed breakdown on how to apply these new loan limits to locks through the end of the year and to DU / LP findings for those loans benefiting.
The product matrices posted to the Products and Pricing page of www.newleafwholesale.com, will soon be updated to reflect the loan amount changes. Click on into the Product Matrix Index for an easy overview of which products can be submitted in DU and LP (NewLeaf 1), or, just DU (NewLeaf 2) and find all the details you need by reviewing the applicable matrix. Of course, your Account Executive can easily guide you with any questions you have. (Contact Us)
Need a way to pass the word on to your referral partners and borrowers? Take advantage of the customizable flyer provided for you in the NewLeaf TPO Marketing Center (Accessed via www.newleafwholesale.com >> Resources Page >> TPO Marketing Center).
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