On December 21, 2018, Ginnie Mae issued All Participant Memorandum (APM) 18-08, announcing revised mortgage loan limits for High Balance Loans.
Ginnie Mae’s increase in the High Balance Loan limits follows the Federal Housing Finance Agency (FHFA) announcement that it has increased its conforming loan limits pursuant to the Housing and Economic Recovery Act of 2008 (HERA). Ginnie Mae’s revised definition of High Balance Loans states that, effective for issuances on or after January 1, 2019, a High Balance Loan is a single-family forward mortgage loan with an original principal balance (minus the amount of any upfront mortgage insurance premium) exceeding $484,350 for a one-unit property located in the contiguous 48 states, District of Columbia, American Samoa, and Puerto Rico. For one-unit properties located in Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the amount is $726,525. For information about conforming loan limits for the Commonwealth of the Northern Mariana Islands, additional such information may be obtained directly from FHFA.
APM 18-08 also sets forth the High Balance Loan amounts for two-, three-, and four-unit properties. High Balance Loans are eligible for Ginnie Mae mortgage-backed securities subject to the relevant restrictions set forth in Ginnie Mae’s Mortgage-Backed Securities Guide.
APM 18-08 may be found here.