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

  • A relatively new loan option with better rates, easier guidelines, and quick turn times

  • Loan amounts up to $726,525 across the state of Florida

  • Primary and secondary homes

  • Down payment of at least 10%

  • Refinances of up to 80% loan-to value

HIGH BALANCE LOAN BASICS

WHAT IS A CONVENTIONAL HIGH BALANCE LOAN?

  • 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

  • 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?

  • These loans may be utilized for primary or secondary residences

  • Loan amounts up to $726,525

  • 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?

  • 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 

    • Minimum credit score 680 

    • Maximum debt to income ratio of 43%

    • Down payment of at least 10% 

WHY DO I WANT A CONVENTIONAL HIGH BALANCE LOAN?

  • 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

  • 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?

  • 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

TO CONTACT OUR TEAM,

CALL, TEXT, OR EMAIL:

SIMPLICITY MORTGAGE

386.401.9000

INFO@SIMMORTGAGE.COM

COMPANY NMLS # 1755062

411 DUNLAWTON AVENUE

PORT ORANGE, FL 32127

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