Conventional High Balance up to 90% LTV with NO PMI
The WHOLE state of Arizona does not have any Fannie Mae high balance loan limits, unlike other areas like San Diego that allows Fannie Mae loans up to $701,500. This special loan product that we have access to, now allows borrowers in the state of Arizona to get a high balance loan under mainly conventional guidelines. It is an AMAZING loan if your purchase price is between $567,150 - $850,000.
This High Balance Product is a variation on a high balance conventional loan. It is underwritten mostly to Fannie Mae guidelines, with the exception of a few small overlays. This means that some loans that would generally have to go Jumbo can now remain in a high balance product. These loan amounts will go from $510,401 to $765,600.
This High Balance Product is a variation on a high balance conventional loan. It is underwritten mostly to Fannie Mae guidelines, with the exception of a few small overlays. This means that some loans that would generally have to go Jumbo can now remain in a high balance product. These loan amounts will go from $510,401 to $765,600.
- 680 Min FICO (better pricing over 720 scores)
- 30 year fixed only
- Primary residences and second homes
- Purchase to 90% with NO monthly mortgage insurance
- Better rates, easier guidelines and faster turn times than jumbo loans
- 43% Max DTI (debt-to-income ratio)
- 1 or 2 unit properties only (2 unit max 85% LTV)
- Cash out on primary to 80% LTV
- Verification of income required on ALL employers for the past 2 years
- If self employed, 2 years business tax returns, current P&L and balance sheet required