What Are Higher Balance Loans?
Conforming loan balances are out for the year 2020. A conventional loan that does not exceed $510,400 for a single family and $765,600 for a two family home fits into the conforming loan balance maximum. But does that mean a loan balance higher than that only has a jumbo option? Not necessarily. (Jumbo loans are priced higher and often require bigger down payments.) Consumers with loans that exceed the aforementioned conventional conforming limit should consider a higher balance loan.
A Higher Balance Loan offers better pricing as well as other benefits over the Jumbo product and is not universally available under the same conditions.
D A Griffin Financial has a higher balance loan product that offers advantages over the Jumbo loan option. It is available with as little as 10% down purchase or a 90% loan to value refinance. Of course like any product the consumer must qualify for the basics of the loan such as credit, income, and receive automated approval, etc. It is worth checking out for those loans $1.00 over county limit up to $765,600, primary, secondary or investment properties.
Higher balance loan = Better rates, easier guidelines and faster turn times than Jumbo