Bulletin 2024-065 Conventional Loan Limit Updates
Newrez LLC “Newrez” Approved Correspondent Clients: please note that Newrez will increase our Conventional loan limits for all commitment types effective with New Locks on or after October 1, 2024. The official FHFA loan limits for 2025 are expected to be released in early to mid-December.
All States (Except Alaska and Hawaii)
|
2024 Loan Limit 1 Unit |
2024 Loan Limit 2 Units |
2024 Loan Limit 3 Units |
2024 Loan Limit 4 Units |
|
$766,550 |
$981,500 |
$1,186,350 |
$1,474,400 |
|
New Conforming Loan Limit 1 Unit |
New Conforming Loan Limit 2 Units |
New Conforming Loan Limit 3 Units |
New Conforming Loan Limit 4 Units |
|
$795,000 |
$1,000,000 |
$1,200,000 |
$1,500,000 |
Alaska and Hawaii
|
2024 Loan Limit 1 Unit |
2024 Loan Limit 2 Units |
2024 Loan Limit 3 Units |
2024 Loan Limit 4 Units |
|
$1,149,825 |
$1,472,250 |
$1,779,525 |
$2,211,600 |
|
New Conforming Loan Limit 1 Unit |
New Conforming Loan Limit 2 Units |
New Conforming Loan Limit 3 Units |
New Conforming Loan Limit 4 Units |
|
$1,175,000 |
$1,500,000 |
$1,800,000 |
$2,250,000 |
- Value Acceptance and Value Acceptance + PDC, ACE and ACE + PDR will continue to be acceptable on loans with a DU AUS Approve/Eligible or LPA Accept/Eligible.
- Loans with an AUS Approve/Ineligible or Accept/Ineligible (ineligible for conforming loan limits only) are eligible for delivery and will require a full appraisal.
- Clients may be responsible for re-running the AUS (and providing to Newrez) within one week of the official update to the new loan limits.
- As a reminder, credit reports cannot be older than 120 days at the time of the AUS rerun.
NOTE
Loans not receiving an Approve/Eligible or Accept/Eligible finding on the rerun of the AUS may be subject to repurchase unless there is a discrepancy between Newrez’s new loan limits and the final conventional loan limits. If a loan is deemed unsaleable, for any reason, the loan will be subject to repurchase.