21-93: High Balance Loan Limits in High Cost Area Counties Are Now Available up to 95% LTV
On October 8th, PennyMac announced increased high balance loan limits for select high cost area counties up to $937,500 for one unit properties. (See Announcement 21-79)
At that time, the loan limit increase for loan amounts exceeding $625,000 that were also in excess of the 2021 high cost limit were subject to an LTV maximum of 80%.
Today we are pleased to announce that effective immediately for the select high cost area counties with loan amounts that are greater than $625,000 and also exceed the 2021 high cost limits have an increased LTV maximum of 95%. As a reminder, Correspondents are responsible for obtaining the appropriate MI coverage when it’s required.
All other details and requirements provided in the original announcement remain in place.
Please contact your Sales Representative with any questions.