Ginnie Mae Revises High Balance Loan Limits

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Ginnie Mae recently issued All Participant Memorandum (APM) 21-09, which announced increased mortgage loan amount limits for High Balance Loans.

Ginnie Mae’s revised High Balance Loan definition in APM 21-09 provides that, effective for pools or loan packages submitted on or after January 3, 2022, 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 for properties in the following locations:

  • Contiguous 48 States, District of Columbia, American Samoa, and Puerto Rico: $647,200 for 1 unit; $828,700 for 2 units; $1,001,650 for 3 units; and $1,244,850 for 4 units.
  • Alaska, Hawaii, Guam, and the U.S. Virgin Islands: $970,800 for 1 unit; $1,243,050 for 2 units; $1,502,475 for 3 units; and $1,867,275 for 4 units.

Additional information regarding Commonwealth of the Northern Mariana Islands conforming loan limits may be obtained directly from FHFA.

Note that the corresponding provision in Ch. 9, Part 2, § B of the Mortgage-Backed Securities Guide, HUD Handbook 5500.3, Rev-1 (MBS Guide), incorporates the revised High Balance Loan definition as described above, except it provides that the new definition is effective for “issuances on or after January 1, 2022.”

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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