Conventional High Balance

Min. Credit Score 620 Min. 3% Down Payment

A Conventional High Balance mortgage is a home loan designed for buyers purchasing property in areas where home values exceed national loan limits. Unlike Jumbo loans, these mortgages are backed by Fannie Mae or Freddie Mac. This means you can enjoy the stability of a Conventional loan while accessing higher borrowing limits available in specific high-cost regions. Essentially, it's a mortgage option that bridges the gap between standard Conventional loans and Jumbo loans, providing a suitable financing solution in more expensive markets.

Program features

Loan amounts up to $1,203,975
Minimum 3% down payment
Minimum credit score 620
Cash-out allowed
Primary, secondary homes, and investment

Why choose our Conventional High Balance?

Standard qualifications, no additional requirements
Ability to lower your monthly payments with a temporary rate buydown option
Gift funds allowed

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Program details

Loan amounts up to $1,203,975

Debt-to-income (DTI) ratio up to 50%

Primary, secondary homes, and investment

Minimum 3% down payment

At least two consecutive years of stable income and employment required

Minimum 2 months of reserves for second homes, minimum 6 months of reserves for investment properties, primary residences up to 4 units, and cash-out refinance with a debt-to-income (DTI) > 45%

Gift funds are allowed

PMI (private mortgage insurance) is required if down payment is less than 20%

At least 2 years after the credit event allowed

Single-family homes, 1-4 units, condominiums, townhomes, planned unit developments (PUDs), and manufactured homes

15 & 30 year fixed; 5/6, 7/6, 10/6 ARM terms

Available to non-permanent residents

Conventional High Balance FAQ

What is a Conventional High Balance mortgage?

A Conventional High Balance mortgage is a home loan designed for borrowers purchasing property in areas where home values exceed the standard national loan limit. It offers higher borrowing limits than a regular Conventional mortgage but still falls within the loan limits set for specific high-cost regions.

Who qualifies for a Conventional High Balance mortgage?

To qualify for a High Balance mortgage, you typically need:
– A credit score of at least 620
– A down payment of 3% or more
– A debt-to-income ratio of up to 50%
– To be purchasing a home in a designated high-cost area

What are the benefits of a High Balance mortgage?

– Access to larger loan amounts compared to standard Conventional mortgages
– Lower interest rates than Jumbo loans
– Backed by Fannie Mae or Freddie Mac, providing peace of mind

Can I use a High Balance mortgage for a second home or investment property?

Yes, High Balance mortgages are typically available for primary residences, second homes, and investment properties.

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#Yes to self-employed

Conventional Standard

Min. Credit Score 620 Min. 3% Down Payment

Loan amounts up to $802,650
Debt-to-income (DTI) ratio up to 50%
Minimum 3% down payment
Owner-occupied, second home, and investment properties

Freddie Mac Home Possible

Min. Credit Score 620 Min. 3% Down Payment

Loan amounts up to $802,650
Debt-to-income (DTI) ratio up to 50%
Cancelable Mortgage Insurance (MI)
Minimum 3% down payment