UWM is raising their conforming loan limits to $625,000

UWM is raising their conforming loan limits to $625,000, blowing past the FHFA’s current conforming loan limit of $548,250 for purchase by Fannie and Freddie. With rising home prices across the country, the FHFA is expected to raise their conforming limits next month, but no one knows by exactly how much. The new limit announced is almost 14% over the current limit. In the past three years, the FHFA increased the limit by 6.9% for 2019, 5.4% for 2020 and 7.4% for 2021, so a raise to $625,000 would be almost twice the increase of past years, but skyrocketing home prices could push it there.

It will also be interesting to see what limits the FHFA sets for high-cost areas. At 150% of the typical areas, could we see limits in the mid $900s?? UWM already announced that for specific areas in Hawaii and Alaska their baseline loan limit is now $937,500. Stay tuned!