High Balance Mortgage Loans for High Cost Areas
A High Balance Mortgage Loan is a loan that exceeds the current 2018 Fannie Mae single family loan limit of $453,100 for the lower 48 states. These were created to address high-cost areas around the country and can go as high as $679,650 for a single family home or condominium depending on the county.
High Balance mortgage rates can actually be lower than both conforming and jumbo rates! Request a quote and we will research your county limit for you and let you know what we can offer.
Following are general High Balance mortgage ranges for 2018 (Alaska & Hawaii have higher limits):
|Minimum Loan Amount||Maximum Loan Amount*|
|2 Unit Properties||>$580,150||$870,225|
|3 Unit Properties||>$701,250||$1,051,875|
|4 Unit Properties||>$871,450||$1,307,175|
* Actual maximum loan limits are set per county or equivalent area and may be lower than the maximum above.
Loan amounts exceeding the high balance limits per county will need a jumbo mortgage. Give us a call for further information!