Pursuant to the Housing
and Economic Recovery Act of 2008 (HERA), the Federal Housing Finance Agency
(FHFA) has announced increased conforming loan limits. Accordingly, Ginnie Mae
is revising its definition of High Balance Loans as follows. Effective for
issuances on or after January 1, 2019, a High Balance Loan is defined as a single-family
forward mortgage loan with an original principal balance (minus the amount of
any upfront mortgage insurance premium) that exceeds the following limits:
|
Maximum Loan Amounts
(net of any financed MIP or Guaranty Fee)
|
|
Units
|
Contiguous 48 States, District of Columbia, American
Samoa, and Puerto Rico
|
Alaska, Hawai’i, Guam, and the U.S. Virgin
Islands
|
|
1
|
$484,350
|
$726,525
|
|
2
|
$620,200
|
$930,300
|
|
3
|
$749,650
|
$1,124,475
|
|
4
|
$931,600
|
$1,397,400
|
Additional information on conforming loan limits for the Commonwealth of the
Northern Mariana Islands may be obtained directly from FHFA. High Balance Loans
are eligible for Ginnie Mae MBS subject to the restrictions detailed in
Sections 9-2(B) and 24-2(A)(1) of the Mortgage Backed Securities Guide, HUD Handbook
5500.3, Rev-1 (MBS Guide).
If you have any
questions regarding this announcement, please contact your Account Executive in
the Office of Issuer and Portfolio Management directly or at (202) 708-1535.
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