More lenders raise their conforming loan limit to $750K

United Wholesale Mortgage and Guaranteed Rate are the latest lenders to say they’ll price mortgages of up to $750,000 as if they meet Fannie Mae and Freddie Mac’s conforming loan limits in advance of an expected increase in the limits next year.

Rocket Mortgage was the first lender to get a jump on Fannie and Freddie’s federal regulator, the Federal Housing Finance Agency (FHFA), which next month is expected to announce an increase in the 2024 conforming loan limit from the 2023 baseline of $726,200 for one-unit properties in most of the country.

Rocket announced on Oct. 2 that the company’s wholesale channel, Rocket Pro TPO, would treat loans of up to $750,000 for one-unit properties in the lower 48 states as conforming, and up to $1.125 million in Alaska and Hawaii.

That assumes that the FHFA’s seasonally adjusted, expanded-data House Price Index will show home prices posted annual gains of at least 3.3 percent when it’s released on Nov. 28.