Effective immediately, Pennymac is aligning with the conforming loan limit increases for standard and high balance loans, as announced by Fannie Mae and Freddie Mac.
In most areas, the 1-unit standard balance limit is increasing from $726,200 to $766,550 and the 1-unit high balance limit is increasing from $1,089,300 to $1,149,825. Loan amounts vary by area and unit, with complete details located at:
https://www.fhfa.gov/news/news-release/fhfa-announces-conforming-loan-limit-values-for-2024
Fannie Mae’s DU will be updated the weekend of December 2nd and Freddie Mac’s LPA on December 3rd. Pennymac will accept DU Approve/Ineligible or LPA Accept/Ineligible decisions, when the “ineligible” result is solely due to the loan amount being in excess of the 2023 limits but is within the 2024 limits.
Please contact your Sales Representative with any questions.