CHICAGO, Sept. 24, 2024 /PRNewswire/ -- Rate, a leading financial services provider in the mortgage industry, today announced an increase in its conforming loan limit to $792,000 for select loan products across the contiguous 48 states. This move comes ahead of the Federal Housing Finance Agency's (FHFA) official 2025 announcement, making Rate one of the first lenders to implement this change. The maximum loan limit for properties in Alaska and Hawaii has also been increased to $1,185,000.
This adjustment reflects growing demand in the housing market. It aims to provide more flexibility for borrowers, allowing them to benefit from conforming products with lower interest rates and less rigorous requirements than high-balance and jumbo loans. This change is especially beneficial for competitive housing markets where home prices steadily increase.
"We're proud to lead the field in raising conforming loan limits, giving more homebuyers access to competitive rates and overall better loan options," said Jeremy Collett, EVP, Head of Capital Markets at Rate. "By acting ahead of the FHFA's announcement, we continue our commitment to supporting homebuyers during this crucial period."
Key Updates:
Max Loan Amount for the contiguous 48 states: $792,000 (previously $766,550)Max Loan Amount for Alaska and Hawaii: $1,185,000 (previously $1,149,825)
This annual adjustment to conforming loan limits typically follows the FHFA's evaluation of changes in the national average purchase price for conventionally financed single-family homes. By implementing this increase early, Rate Companies positions itself as a forward-thinking leader in the mortgage space, ensuring borrowers can take advantage of the new limits and better financing terms.
"We are committed to staying ahead of market trends and delivering the best possible solutions for our customers," said Victor Ciardelli, CEO of Rate. "By increasing our conforming loan limits ahead of the official FHFA announcement, we're giving more borrowers access to the affordable financing they need in today's competitive housing market. This early adoption demonstrates our commitment to supporting homeownership, ensuring our clients always have every possible advantage in securing the home of their dreams."
About Rate
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate is the #2 retail mortgage lender in the U.S., with over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire's Tech100 award for the company's industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; No. 2 ranking in Scotsman Guide's 2022 list of Top Retail Mortgage Lenders; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine's Lender of the Year for seven consecutive years; and Chicago Tribune's Top Workplaces list for seven straight years. Visit https://www.rate.com for more information.
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