2024 New Loan Limits
Effective immediately, MK Lending is aligning with The Federal Housing Finance Agency’s (FHFA) new 2024 conforming and high-cost area loan limits.
The 2024 loan limits will be applied to DU/LP loan casefiles submitted (or resubmitted) on or after the weekend of 12/2/2023. Also note that loan casefiles underwritten through DU/LP prior to 12/2/2023 that receive an ineligible recommendation due only to exceeding the 2023 loan limit may apply the 2024 loan limit. The loan casefile does not have to be resubmitted to DU/LP if the only reason for the DU/LP ineligible recommendation is due to the loan amount, and the loan amount complies with the applicable 2024 conforming loan limit value.
Announcement 2023 - 57
MK Lending is aligning with the recent Fannie Mae announcements. The announcement is summarized below.
Agency: Fannie Mae
Agency Announcement: Responsibly Increasing Affordable Housing Supply & Access to Credit
2-4 Unit Max LTV/CLTV/HCLTV Increasing to 95% (Primary Residence – Purchase/Limited Cash-Out)
Effective Date: Beginning November 18, 2023
Summary: The maximum allowable LTV/CLTV/HCLTV increasing to 95% for 2-4 unit, primary residence, purchase and limited cash-out transactions.
Does not apply to the following:
NonQM LTV Updates
Announcement 2023 - 56
Effective immediately, MK Lending updated following NonQM programs.
HELOAN-1 Program Updates
Announcement 2023 - 55
Effective 9/26/2023, MK Lending updated HELOAN-1 program guide. Please see following updates.
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