ANN ARBOR, Mich., Oct. 13, 2021 /PRNewswire/ -- Homepoint, one of the nation's leading mortgage originators and servicers, today introduced that it has increased the conforming loan limit for conventional loans to $625,000.
Homepoint is among the first mortgage lenders in America to raise its cap on conventional loans from $548,250 to $625,000 to help its mortgage broker partners support more borrowers in their respective communities.
"Considering the significant appreciation we're seeing in home prices throughout the country, we wanted to move quickly to support this market so that our mortgage broker partners can be at the forefront of providing greater housing affordability to borrowers in their communities," said Phil Shoemaker, President of Originations at Homepoint. "As homebuyers aim to take advantage of rates that are still historically low, before the FHFA determines and announces what its 2022 limits will be, we took this step to ensure that their best financial options are available through mortgage brokers."
Homepoint's expansion of its conforming loan limit, which applies to single-family properties in the continental United States, and requires full appraisals, precedes any official announcement of the 2022 baseline national conforming loan limit by the Federal Housing Finance Agency.
For more information on eligibility requirements, view Homepoint's wholesale guide bulletin.
Homepoint, a subsidiary of Home Point Capital Inc. (NASDAQ: HMPT), is one of the nation's leading mortgage originators and servicers, putting people front and center of the homebuying and homeownership experience. The company supports successful homeownership as a crucial element of broader financial security and well-being through delivering long-term value beyond the loan. Founded in 2015 and headquartered in Ann Arbor, Michigan, Homepoint works with a nationwide network of more than 6,000 mortgage broker and correspondent partners with deep knowledge and expertise about the communities and customers they serve. Today, Homepoint is the nation's third-largest wholesale mortgage lender and the 7th-largest non-bank mortgage lender.
Home Point Financial Corporation d/b/a Homepoint. NMLS No. 7706 (For licensing information, go to: nmlsconsumeraccess.org). Home Point Financial Corporation does not conduct business under the name, "Homepoint" in IL, KY, LA, MD, NY, or WY. In these states, the company conducts business under the full legal name, Home Point Financial Corporation. 2211 Old Earhart Road, Suite 250, Ann Arbor, MI 48105. Toll-Free Tel: 888-616-6866.
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