FHA
Per FHA Mortgagee Letter 2023-21, effective with case number assigned on or after January 1, 2024, Pennymac is aligning with FHA’s increase to the floor and ceiling loan amounts.
Complete details of FHA loan limits can be found at:
https://www.hud.gov/program_offices/housing/sfh/lender/origination/mortgage_limits
VA
For all non-IRRRL VA loans, effective with loans closed on or after January 1, 2024, Pennymac is aligning with FHFA’s increase to the county loan limits. VA does not have a maximum loan amount, but instead uses the county loan limit to determine the maximum potential entitlement available for veterans with used or compromised entitlements.
The new FHFA loan limits can be found at:
https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limit.aspx
As a reminder, Pennymac requires that all VA loans conform to GNMA secondary market guidelines which include the minimum 25% coverage requirement.
Please contact your Sales Representative with any questions.