High Balance Conventional Loans & Jumbo
High Balance Conventional Loans are loan from $453,100 loan amounts and higher depending on High Cost Limits which vary from county. Its a loan made for High Cost Areas and help home owners buy or refinance there loan without having to go to a Jumbo Loan which can be higher in rate and down payment. Only need 10% down for purchase loans and the closing cost are less than Jumbo Loans. Easier qualification for both W2 and Self Employed status. Loan limits are different for each county so call for information 801-403-8887.
Jumbo loans are for loans above the $453,100 Conforming Loan limit and dont qualify for any of the High Cost Areas. Jumbo loans require more down payment for home purchases. Loan to Value depends on loan amount and credit score. Usually they require at least 20% down for purchase loans. Loans can be done on Primary, Second Homes, or Investments.
Both the High Balance and Jumbos are great loans for Doctors/Physician, Attorneys, Lawyers, Self-Employed, Restaurant Owners, and Business Owners.