22-79: FHA and VA Loan Limit Increase for 2023

12/13/2022

FHA

Per FHA Mortgagee Letter 2022-20, effective with case numbers assigned on or after January 1, 2023, Pennymac is aligning with FHA’s increase to the floor and ceiling loan amounts.

Complete details of FHA loan limits can be found at:

https://www.hud.gov/program_offices/housing/sfh/lender/origination/mortgage_limits

VA

For all non-IRRRL VA loans, effective with loans closed on or after January 1, 2023, Pennymac is aligning with FHFA’s increase to the county loan limits. VA does not have a maximum loan amount, but instead uses the county loan limit to determine the maximum potential entitlement available for veterans with used or compromised entitlements.

The new FHFA loan limits can be found at:

https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limit.aspx

As a reminder, Pennymac requires that all VA loans conform to GNMA secondary market guidelines which include the minimum 25% coverage requirement.

Please contact your Sales Representative with any questions.