Conventional High-Balance Purchase Loan
Best For: Large Loan Amounts, Lowest Rates, Easy Process
Conventional financing option above the conforming limit in designated high cost counties across the United States
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 purchase loans. This allows for borrowers to take out a larger mortgage in areas where home prices are higher on average without having to pursue a jumbo mortgage. While similar to getting approved for a standard conventional loan, the borrower will need to qualify for the higher monthly payment corresponding to the larger loan amount.
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Conventional High-Balance Purchase Loan
Min. Credit Score
620
Min. Down Payment
5%
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 loan
- Loan amounts limits are higher than standard conventional loan limits
- Loans often processed quickly with less “red tape”
- Higher income/assets requirements
- Higher down payment requirements
- Conventional high-cost loan limits still may disqualify many borrowers who are seeking larger loan amounts
Program Availability
Conventional High-Balance Purchase Loans are available in 18 states, Washington D.C. and the U.S. Virgin Islands.
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“High-balance loans 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"
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
- Mortgage insurance not required with 20% or more down
- Also available for second homes and investment properties
- Offers 15 & 30 year loan terms, as well as adjustable-rate options
Additional Conditions
- Private mortgage insurance is not required with a down payment of 20% or more
- 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.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
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: 2.5%
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.
CHOICERenovation® High-Balance Purchase Loan
Best For: Large Loan Amounts, Home Renovations
Include for home improvements in with a conventional loan above the conforming loan limit using this convenient and flexible program for renovations.
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
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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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