High Balance Nationwide and Jumbo products offer loans above county loan limits, which in Michigan is $453,100. High Balance Nationwide has a loan limit of $679,650 and offers faster closes and better pricing than Jumbo loans!
Here is the breakdown for HBNW/Jumbo Loans: Credit score: 700 and up DTI: Typically up to 43% but sometimes higher! Learn about DTI and how to calculate it here. Down Payment: 20% down (We now have access to 10% down Jumbo Elite!) Term(s): 30 and 15 year fixed along with ARM options. Liquid Reserves: Will depend on LTV and product type - typically anywhere from 6-18 months reserves. Mortgage Insurance: Typically will not come in to play with these products since most cases will be 20% down, however the 10% down Jumbo Elite would require it. High Balance Nationwide also has an option for a an MI buyout at 90% LTV. Appraisals: Standard conventional appraisal. Seller Concessions: Up to 3% of the loan amount
If High Balance Nationwide works it's always going to be a better option than going with a jumbo for loan amounts under $679k - better pricing and faster closing with less documentation.
If you're ready to go big AND go home -
Fill out a brief questionnaire and we'll give you a free affordability analysis! We will contact you with the results within 24 hours and help you determine whether you're ready to get pre-approved to purchase a home!