CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Finance of America Mortgage LLC (“FAM”), one of the nation’s largest home mortgage lenders, today announced an interim increase in estimated 2022 conforming loan amounts to $625,000 for conventional single-family loans and is allowing higher limits for high-cost areas and homes with additional units.
The change, which goes into effect today across all of FAM’s lending channels, comes ahead of the November announcement on conforming loan limits from the Federal Housing Finance Agency. It increases the maximum loan limit in certain markets by more than $75,000 for one-unit homes and nearly $150,000 for four-unit homes. As a result, some qualifying borrowers may be able to qualify for conventional pricing with lower interest rates instead of relying on a jumbo mortgage, which typically has more stringent qualification guidelines.
“We want to help alleviate some of the barriers to entry and heavy burden that comes with ever-increasing home prices and continues to push the dream of homeownership further away from reach for many first-time buyers,” said Bill Dallas, President of FAM. “Increasing the estimated maximum loan amount on our conforming loans gives purchase and refinance borrowers expanded access to mortgage credit at lower rates.”
Once the FHFA announces its 2022 conforming loan limits in late November, FAM will quickly adopt the new guidelines.
FAM is the mortgage originations subsidiary of Finance of America Companies Inc. (“Finance of America”) (NYSE: FOA), a diversified, vertically integrated consumer lending platform.
About Finance of America Mortgage
Finance of America Mortgage LLC is one of the nation’s largest home mortgage lenders and part of the Finance of America Companies (NYSE: FOA) family of companies. Since 2015, the Conshohocken, PA-based lender has helped hundreds of thousands of people achieve their dream of homeownership. Finance of America Mortgage has a team of more than 1,300 local Loan Advisors in more than 200 branch locations across 34 states. In 2020, Finance of America Mortgage funded nearly $30 billion in loan volume representing about 90,000 units nationwide, from distributed retail, third-party originator (TPO), and consumer-direct channels.
Finance of America Mortgage is ranked a 2020 Top Mortgage Lender by Scotsman Guide, the industry resource for mortgage originators. Finance of America Mortgage Loan Advisors work closely with borrowers to guide them through the loan financing process every step of the way. Our Loan Advisors are renowned in the industry for their local market knowledge and loan product expertise with forward, reverse and home improvement mortgages, refinance loans, and HELOCs.
Finance of America gives back to the community through Finance of America Cares (FOA Cares). A 501(c)(3) nonprofit organization, FOA Cares is the independent charitable and philanthropic arm of Finance of America. FOA Cares invests in value-driven programs and charitable activities through dynamic partnerships with community-based nonprofits as well as grantmaking and volunteering.
Finance of America Mortgage LLC is licensed nationwide. NMLS ID # 1071 (www.nmlsconsumeraccess.org). Equal Housing Opportunity.
For more information about Finance of America Mortgage, please visit: www.foamortgage.com.