Rocket loan12/28/2022 ![]() ![]() Lenders last year didn’t raise anticipated conventional loan limits until early October, when rates were still in the low 3% range. It was always expected that lenders would increase loan limits ahead of the Federal Housing Finance Agency‘s November announcement, though Rocket’s move appears to be the earliest push yet. Rocket said its new loan limit is $1.073 million for agency-eligible properties in Alaska and Hawaii, which, at 150% of the baseline limit, suggests the ceiling on Fannie Mae and Freddie Mac purchased loans overall will eclipse the $1 million mark in 2023. The conventional loan limit for 2022 is a baseline of $647,2000 for one-unit properties, rising to $970,800 in high-cost areas as well as Alaska and Hawaii. “We’re leaning in and investing while others are getting out … Being the first to market, building the tech and getting it into brokers’ hands is one example.”Īs mortgage rates climb to the mid 6% range and home values continue to increase, the new conforming loan purchase limit will offer better pricing, require a smaller down payment for home purchases and easier documentation compared to a jumbo loan, Rocket said. ROCKET LOAN PRO“What you’re seeing is lenders getting out of wholesale,” said Austin Niemiec, executive vice president of Rocket Pro TPO. Rocket’s gambit comes during one of the company’s most challenging periods in memory, and could enable the Detroit lender to win much-needed purchase business through brokers during a critical period of an ugly year. The increased loan limits for mortgage brokers apply to new registrations and locks effective Sept. The wholesale arm of Rocket Mortgage on Tuesday raised anticipated agency conforming loan limits to $715,000, a sign that the nation’s largest mortgage lender is confident the maximum loan limit set by the federal government will rise by at least 10% in 2023. ![]()
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