Conventional Mortgage Rates Up to $726,525 | Jumbo Loan Programs
For some lenders, where the conforming loan limit ends the jumbo loan begins. The conventional high balance loan limits start at $1 above the county limits to $726,525. This loan program is available in 100% of U.S. counties with conventional mortgage rates.
A More Competitive Option
If your original loan was a jumbo mortgage, check to see if the loan amount falls in the category of a conventional high balance loan and refinance into conventional mortgage rates.
Borrowers that are looking to apply for a loan that is above $726,525, should take the jumbo route and understand that the guidelines vary by mortgage company. They are considered non-conforming loan and not backed by Freddie Mac or Fannie Mae.
Conventional High Balance Loan Program Benefits
- The high balance loan program is not limited to counties, but now available to 100% of the U.S. counties with conventional mortgage rates.
- With just 10% down payment, no mortgage insurance is required.
- Typically, buying out mortgage insurance is cheaper than LPMI with no mortgage insurance certificate needed.
- Faster, easier process, and more competitive rates than a jumbo mortgage.
- A jumbo loan often comes with higher fees, more difficult guideline requirements, and often overlays.
- Primary and secondary homes are eligible.
- Refinance options available up to 80% loan-to-value.
Jumbo Loan Details
In mortgage terms, a jumbo mortgage is for borrowers looking for a home that exceed the loan limits set by the government-sponsored enterprises. Since jumbo loans are non-conforming, they vary by guidelines, interest rates, loan limits, and mortgage process.
- With our Jumbo Elite program, we offer competitive pricing and faster turn times that allow the jumbo loan to close in 25 days or less.
- Low down payment option beginning at 5%.
- 1-4 units primary residence, 1 unit second home, and 1 unit investment properties.
- Purchases, rate and term, and cash out options available.