FHA High Balance
Min. FICO 580
Up to 97.75% CLTV
FHA High Balance loan is 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 $1,249,125*
- DTI as per AUS
- Primary residence, second home
- Up to 97.75% CLTV
- Min. FICO 580
- Min. down payment 3.50%
- Flexible qualification requirements
- Accessible to borrowers without perfect credit score & history
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Program details
Loan amounts up to $1,249,125
DTI as per AUS
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
Mortgage history: At least 2 years out of credit events
Eligible property types: SFR, 2-4 units, PUDs, condo, modular homes, manufactured homes
Various fixed terms
Eligible citizenship: US citizens, Permanent Resident aliens, with proof of lawful permanent residence
Eligible borrowers: Individuals, living trusts
Fast turnaround times
As fast as
24 hr
Disclosure
As fast as
24 hr
Underwriting
As fast as
48 hr
* FHA loan amounts are determined by the county loan limits, and therefore, the limit is not always $1,249,125. 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