Lender is the latest to push up its loan limits
United Wholesale Mortgage (UWM) has raised its conforming loan limits to $715,000 ahead of the Federal Housing Finance Agency’s official announcement in November.
UWM’s maximum conforming limit for regular, one-unit properties will increase to $715,000. For special statutory provisions in Alaska and Hawaii, the baseline loan limit will be $1,073,000 for regular, one-unit conventional loans.
The wholesale lender urges borrowers to take advantage of the new higher loan ceiling.
“UWM is singularly focused on giving mortgage brokers a competitive advantage in the mortgage industry,” UWM said in a statement.
Read more: What could conforming loan limits mean to your mortgage?
Its competitor Rocket Pro TPO, the wholesale arm of Rocket Mortgage, also expects to hike its conforming loan limits to $715,000.
“That means more folks will be able to get a new conventional loan – better rates, better pricing, less money down on purchases, which is a big deal, more cash-out available on a refi and typically an easier process in documentation compared to a jumbo loan,” Austin Niemiec, executive vice president of Rocket Pro TPO, told Mortgage Professional America in an exclusive interview. “It’s a better overall loan for the borrower, better experience in getting the loan closed and, on purchase, it makes their offer a heck of a lot more attractive to sellers.”