GMFS Now Accepting New Applications with Increased 2020 Conventional Loan Limits
Conventional Loan Limits Increased for 2020
The Federal Housing Finance Agency (FHFA) recently announced that conventional loan limits will be increasing by 5.38% next year (2020).
No need to wait! Effective immediately – GMFS is accepting new applications with the increased 2020 loan limits.
The new 2020 base conventional loan limit in most of the country will be $510,400
How to start using these new limits now
1. New conventional loan limits may be used with new applications to GMFS beginning November 27, 2019.
2. Optimal Blue will be updated on 1 Units for others email [email protected]
3. As long as these applications receive an “Ineligible” recommendation, ONLY due to exceeding 2019 loan limits, then they can be manually underwritten for approval.
- Loan Product Advisor® Implementation: December 4
- Desktop Underwriter® Implementation: Expected to be on or after December 7
More details are available in Fannie Mae Lender Letter LL-2019-0 9 and freddiemac.com