WASHINGTON, D.C.—Today, in All Participants Memorandum (APM) 23-13, Ginnie Mae announced revisions to its definition of High Balance Loans. These revisions align with the increased conforming loan limits recently announced by the Federal Housing Finance Agency (FHFA).
Under the new definition, effective for pools or loan packages submitted on or after January 1, 2024, a “High Balance Loan” is defined as a single-family forward mortgage loan with an original principal balance (minus the amount of any up-front mortgage insurance premium) that exceeds the following limits:
Maximim Loan Amounts (net of any financed MIP or Guaranty Fee)
| Units
| Contiguous 48 States, District of Columbis, American Samoa, and Puerto Rico
| Alaska, Hawaii, Guam, and the U.S. Virgin Islands
| 1
| $766,550
| $1,149,825
| 2
| $981,500
| $1,472,250
| 3
| $1,186,350
| $1,779,525
| 4
| $1,474,400
| $2,211,600
|
High Balance Loans are eligible for Ginnie Mae mortgage-backed securities (MBS), subject to the restrictions detailed in Ch. 9, Part 2, § B and Ch. 24 Part 2, § A(1) of the Mortgage-Backed Securities Guide 5500.3, Rev-1. For more information, please refer to
APM 23-13. Additional information about Ginnie Mae is available at
https://www.ginniemae.gov and on
X (formerly known as Twitter),
YouTube,
Facebook and
LinkedIn.
About Ginnie Mae Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States government.
|