We are proud to announce that we are now able to offer High Balance loans to all counties in California regardless of a specific county’s loan limits. You may be asking, what are loan limits and why does this even matter?
Fannie Mae and Freddie Mac issue maximum mortgage loan limits for how high they will insure a mortgage in a specific county. As of right now the Conforming loan limit across the country is $453,100. In high cost counties there is also a High Balance loan limit which goes up to $679,650 ($649,750 in San Diego County). If your loan amount is even a dollar above a specific county’s loan limit, you end up with a jumbo loan (and its stricter underwriting guidelines).
Now, you are able to obtain conventional financing in any county up to the High Balance loan limit of $679,650. It does not matter if the county has only a conforming loan limit or if a county’s high balance loan limit is only $649,750 (like San Diego County).
For the typical borrower, this means easier underwriting guidelines, lower rates and being able to close your loan faster.
For the realtor, this means that your buyer may be able to better qualify for a High Balance purchase loan with better financing options (vs. getting stuck with a Jumbo loan).
Give us a call at 760-930-0569 to find out if you qualify and can take advantage of this new and exciting opportunity.