FHA High Balance

Min. FICO 620 Up to 97.75% CLTV

FHA High Balance loans are designed for those looking to purchase a home in an expensive area. The Federal Housing Finance Agency (FHFA) increases loan limits in these locations, allowing homebuyers to borrow more for their dream home.

Program features

Loan amounts up to $1,149,825*
DTI up to 55%
Primary residence, second home
Up to 97.75% CLTV
Min. FICO 620

Why choose our FHA High Balance?

Min. down payment 3.5%
Flexible qualification requirements
Accessible to borrowers without perfect credit score & history

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Program details

Loan amounts up to $1,149,285

DTI up to 55%

Primary residence, second home

LTV up to 97.75%

A maximum LTV of 80% for cash-out refinances

Income history of at least two years through employment verification

Min 1 month of reserves for 1- or 2-unit properties and 3 months of reserves for 3- or 4-unit properties required

Gift funds are allowed

MIP upfront and monthly insurance throughout the life of the loan (or 11 years with a 10% or more down payment) is required

At least 2 years out of credit events

Single-family detached, single-family attached, 2–4 units detached/attached, PUDs, low-rise and high-rise condominiums (must be FHA eligible), rural properties (in accordance with agency guidelines, loans must be residential in nature)

Fixed or adjustable rates for 30-, 20- or 15-year terms are available

US citizens, Permanent Resident aliens, with proof of lawful permanent residence, Non-Permanent Resident alien immigrants, with proof of lawful residence

Individuals, living trusts

* FHA loan amounts are determined by the county loan limits, and therefore, the limit is not always $1,149,825. For the most accurate and up-to-date information regarding FHA loan limits in a specific county, please refer to the FHA Mortgage Limits Lookup tool provided by HUD at this link https://entp.hud.gov/idapp/html/hicostlook.cfm

FHA High Balance

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Program details

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1099

12/24 Month Bank Statement