Conventional High-Balance Cash-Out Refinance
Best For: Large Loan Amounts, Debt Consolidation, Cash-Out
Conventional cash-out refinancing allows for loans above the conforming in certain US high cost counties. An attractive alternative to a jumbo loan!
This loan program is not available in USA
Program Description
As of 2024, there are 150 US Counties considered "high cost" that have varying loan amount limits greater than the normal $766,550 for conventional cash-out refinance loans. If you live in one of these counties, you want to access your home equity AND your refinance amount exceeds these limits, this will be one of your primary mortgage loan options. Your cash-out proceeds can be used however you see fit! Home renovations, car purchases, or consolidating debt are common uses.
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Conventional High-Balance Cash-Out Refinance
Min. Credit Score
620
Min. Equity
20%
Max Loan Amount
$816,500 - $1,149,825
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Generally easier to qualify for than a jumbo refinance and has lower rates
- Loan amounts limits are higher than standard conventional refinance limits
- Loans often processed quickly with less “red tape”
- Higher income/assets requirements
- Higher equity requirements than some other programs
- Conventional high-cost loan limits still may disqualify many borrowers who are seeking larger refinance amounts
Cash-Out Refinance
Your Current
Equity %
- 20%
Minimum RetainedEquity
=
Your Available
Cash-Out
A cash-out refinance allows you to access equity in your home and use the proceeds as you see fit. By registering for a free account, you can get a better idea of how much cash you could access when refinancing your home.
Program Availability
Conventional High-Balance Cash-Out Refinances are available in 18 states, Washington D.C. and the U.S. Virgin Islands.
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“High-balance cash-out refinances really come in handy in higher-priced areas. They offer an attractive alternative to jumbo loans, mostly because they are generally easier to qualify for and often have a lower interest rate. They are a great way to access your home equity and consolidate debt!"
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Ability to access your home equity, up to 80% of appraised value
- Offers 15 & 30 year loan terms, as well as adjustable-rate options
- Also available for refinancing second homes and investment properties
Additional Conditions
- Any loan amounts exceeding the loan limits of the high-balance program are considered "non-conforming" loans, such as jumbo, portfolio, and hard money loans
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Conventional High-Balance Rate-and-Term Refinance
Best For: Large Loan Amounts, Lowest Rates, Easy Process
Conventional refinancing above the conforming limit in high cost counties with flexible qualification for qualified homeowners.
Conventional Cash-Out Refinance
Best For: Flexible Terms, Rate Reduction, Easy Process
Popular cash-out refinancing option with flexible qualification guidelines for loan amounts under the conforming loan limit.
Related Resources
2023 Cash-Out Refinance Guide
Owning a home is a big investment and like with many long-term assets, it comes with a few added responsibilities. To keep your home appreciating in value and to make sure you continue to enjoy it, it's important to keep it maintained and updated.
Read More
2023 ARM Guide
Too often do borrowers make the mistake that a fixed-rate mortgage is the only type of mortgage available. But contrary to popular belief, there are many different ways that a mortgage can be structured.
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A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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