Conventional High Balance up to 89.99% LTV with NO PMI
This special loan product that we have access to, now allows borrowers to get a high balance loan under mainly conventional guidelines with only 10.01% down and no monthly mortgage insurance. It is an AMAZING loan if your purchase price is between $719,000 - $977,000.
This High Balance Product is a variation on a high balance conventional loan. It is underwritten mostly to Fannie Mae guidelines, with the exception of a few small overlays. This means that some loans that would generally have to go Jumbo can now remain in a high balance product. These loan amounts will go from $647,200 to $879,750.
- 680 Min FICO (better pricing over 720 scores)
- 30 year fixed only
- Primary residences and second homes
- Purchase to 90% with NO monthly mortgage insurance
- Better rates, easier guidelines and faster turn times than jumbo loans
- 43% Max DTI (debt-to-income ratio)
- 1 or 2 unit properties only (2 unit max 85% LTV)
- Cash out on primary to 80% LTV
- Verification of income required on ALL employers for the past 2 years
- If self employed, 2 years business tax returns, current YTD P&L and 3 months business bank statements to match P&L required