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Are you ready to buy your dream home over $454,000? Well, the time to do that is now. If you are looking to buy your mansion in South Carolina, North Carolina, Georgia or Tennessee, Mortgage Options, Inc. is excited to offer a new mortgage product tailored to those looking to purchase homes between the values of $453,101 and $679,650.
Introducing the Conventional High Balance Mortgage from Mortgage Options, Inc. This new mortgage product allows homebuyers to borrow up to $679,650 with the same guidelines as a conforming conventional loan instead of having to opt for a jumbo loan. Let’s take a look at both of these high balance loan options.
Previously, homebuyers looking to buy a one-family house over $424,000 were unable to do so with a conforming conventional loan from Fannie Mae or Freddie Mac. Jumbo loans were your only option, and their guidelines are much stricter than a conforming conventional loan.
What makes jumbo loans different?
In order to qualify for a jumbo loan, it usually takes a lower debt-to-income ratio, higher credit scores than other kinds of loans and a larger down payment. Also, emergency funds (reserves) must be higher than for standard kinds of loans.
New High Balance Conforming Conventional Loan
Our new conforming conventional loan allows homebuyers to borrow between $453,101 and $679,650 without the strict guidelines of a jumbo loan. Benefits of this new loan product include:
- 10% down payment with no mortgage insurance
- Better rates, easier guidelines and faster turnaround times than jumbo loans
- Primary and secondary homes are eligible
- Minimum 680 FICO score required
Other details include a 90% LTV (loan to value) ratio with refinances up to 80% LTV, a maximum 43% DTI (debt-to-income) ratio, and there is no manual underwriting to slow the process down.
Call Mortgage Options, Inc. Today
If you’re in the market for your palace, now is the time to speak to a loan officer at Mortgage Options, Inc. We’ll be sure to find the right mortgage for you, and with new products coming online, you can take advantage of mortgages with better terms to make your dream a reality. Mortgage Options, Inc. has offices in South Carolina, North Carolina, Tennessee and Georgia. Call our office at 803-732-5787 to schedule an appointment today!