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Announcement 2019-100: Conforming Loan Limits Update

Conforming Loan Limits Update

Effective immediately, NewRez will begin supporting the increased conforming loan limits that Fannie Mae and Freddie Mac announced on Tuesday November 26th. The 2020 maximum standard loan limits have increased to $510,400 for loans delivered on or after January 1, 2020. High-Cost areas have been updated to a maximum ceiling of $765,600*. The 2020 limits can be accessed at the following link: 2020 Conforming Loan Limits.

 

LPA update will take place today, December 4, 2019.

 

DU update will take place December 7, 2019. NewRez will accept DU Approve/Ineligible decisions, when the "ineligible" result is soley due to the loan amount being in excess of the 2019 limits, but is within the 2020 limits.

 

Please note that loan limit changes are for conforming loans only. Changes to FHA, VA and USDA loan limits and NewRez's acceptance of loans at new limits for FHA, VA and USDA will be announced at a later date.

 

*As a reminder, actual loan limits are certain high-cost areas, as determined by FHFA, may be lower than the maximum high-cost area limit. When originating High Balance or Super Conforming mortgages you must check the loan limits for the specific county where the property is located.

 

Please contact you Sales Representative with any questions.