I just got news that one of our top lenders, the top lender in the country, has rolled out a new loan program called High Balance Nationwide. This is going to help many people avoid a jumbo loan, or needing to get a second loan to avoid jumbo.
In case you did not know, High Balance has been around for a long time, and is in place for higher priced areas of the country; Seattle, Honolulu, etc. Oregon and SW Washington has not had this option, and has been stuck at the Conventional loan limit. This changes things for us.
This lender's program will allow a borrower to use the high balance loan amount, $679,650 nationwide. This will allow them to avoid the higher interest rates of jumbo, and the more stringent guidelines!!
If you are looking to purchase a higher priced home, and need a bigger loan amount, this could be a great option for you.
This is 100% a mortgage broker product
Restrictions: Minimum 680 credit score, 80% LTV (20% down), maximum 43% debt to income ratio, and 2 years continuous income.