HIGH BALANCE LOANS
NEW! Conventional loans up to $726,525. Fast Turn Times.
INCREASE YOUR BUYING POWER WITHOUT THE HASSLE OF A JUMBO LOAN
Competitive rates, flexible guidelines, and the accessibility of jumbo loan amounts at lower, conventional interest rates
HIGH BALANCE LOAN FEATURES
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A relatively new loan option with better rates, easier guidelines, and quick turn times
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Loan amounts up to $726,525 across the state of Florida
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Primary and secondary homes
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Down payment of at least 10%
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Refinances of up to 80% loan-to value
HIGH BALANCE LOAN BASICS
WHAT IS A CONVENTIONAL HIGH BALANCE LOAN?
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A high balance loan is a conventional mortgage where the loan amount is above the conforming conventional loan limit of $484,350 but is within the limit of $726,525 allowed for this unique program
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Previously, the only option for a larger loan on a with a loan amount above $484,350 was jumbo with higher interest rates
WHAT CAN A CONVENTIONAL HIGH BALANCE LOAN BE USED FOR?
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These loans may be utilized for primary or secondary residences
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Loan amounts up to $726,525
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Purchase price of the home may be up to a $908,156 with 20% down or even more with a higher down payment
HOW DO I QUALIFY FOR A CONVENTIONAL HIGH BALANCE LOAN?
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To be approved, you need good credit, low debt-to-income ratio, funds for down payment and closing costs, and demonstrate the ability to pay the mortgage
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Minimum credit score 680
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Maximum debt to income ratio of 43%
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Down payment of at least 10%
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WHY DO I WANT A CONVENTIONAL HIGH BALANCE LOAN?
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This relatively new loan type gives you access to a $726,525 loan, great rates, and a streamlined underwriting process. It features easier guidelines and fewer documents than a jumbo loan. These factors lead to a faster turn time - averaging 20 days or less
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Previously, the only option for this size of a loan outside of a high cost county was a jumbo loan which comes with higher fees, more tedious guidelines, and potential overlays
ARE THERE ANY DOWNSIDES TO CONSIDER?
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Not really! This is a fantastic program that provides an easier, faster process for a borrower at this price point and good credit. Contact our team today for more information on this exciting new loan program