FHA High Balance

Min. Credit Score 640 Min. 3.50% Down Payment

An FHA High Balance loan is designed to help you buy a home in a high-cost area. These loans have higher borrowing limits than standard FHA loans, making it easier for you to afford your dream home.

Program features

Loan amounts up to $1,209,750*
Debt-to-income (DTI) ratio as per AUS
Primary residence
Minimum 3.50% down payment
Minimum credit score 640

Why choose our FHA High Balance?

Min. down payment 3.50%
Flexible qualification requirements
Accessible to borrowers without perfect credit score & history

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Program details

Loan amounts up to $1,209,750

Debt-to-income (DTI) ratio as per AUS

Primary residence

Minimum 3.50% down payment

Cash-out available

At least two consecutive years of stable income and employment required

Min 1 month of reserves for 1- or 2-unit properties and 3 months of reserves for 3- or 4-unit properties required

Gift funds are allowed

Mortgage Insurance Premium (MIP) is required upfront and monthly for the life of the loan (or 11 years with 10% or more down)

At least 2 years after the credit event allowed

Single-family detached, single-family attached, 2–4 unit detached/attached, PUDs, low-rise and high-rise condominiums (must be FHA eligible), rural properties (loans must be residential in nature)

15-, 20-, 30-year fixed terms

Ability to close in living trusts

* FHA loan amounts are determined by the county loan limits, and therefore, the limit is not always $1,209,750. For the most accurate and up-to-date information regarding FHA loan limits in a specific county, please refer to the FHA Mortgage Limits Lookup tool provided by HUD at this link https://entp.hud.gov/idapp/html/hicostlook.cfm

FHA High Balance FAQ

What is an FHA High Balance loan?

An FHA High Balance loan is a mortgage option designed for homebuyers purchasing property in high-cost areas. It allows for higher loan amounts compared to standard FHA loans, making it easier to afford homes in expensive markets.

Who qualifies for an FHA High Balance loan?

To qualify for an FHA High Balance loan, you must meet the standard FHA loan requirements, including a minimum credit score of 620, at least two years of income history, and a minimum down payment of 3.50%. However, you must also purchase property in a designated high-cost area where the loan limits for standard FHA loans are insufficient.

What are the benefits of an FHA High Balance loan?

– Higher loan limits

– Lower down payment compared to Conventional loans

– More flexible credit requirements compared to Conventional loans

Are there any drawbacks to an FHA High Balance loan?

– You’ll pay a mortgage insurance premium (MIP) for the life of the loan

– Closing costs can be higher than for Conventional loans

– You may be required to complete homeownership counseling before closing

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#Yes to high-net-worth-individuals

FHA High Balance

Min. Credit Score 640 Min. 3.50% Down Payment

Loan amounts up to $1,209,750
Debt-to-income (DTI) ratio as per AUS
Primary residence
Minimum 3.50% down payment

Conventional High Balance

Min. Credit Score 620 Min. 3% Down Payment

Loan amounts up to $1,209,750
Debt-to-income (DTI) ratio up to 50%
Primary, secondary homes, and investment
Minimum 3% down payment