High Balance – Expanded Guidelines
This program is for well qualified buyers. The loan amounts are higher than standard limits. The funds, credit, and income requirements become stricter due to increased risk with higher loan amounts.
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| Credit score: | 620 minimum |
| Property type: | 2-4 Units |
| Occupancy: | Non-Owner Occupied |
| Down Payment: | 30% minimum |
| Loan to Value: | 70% Max. CLTV: 70% |
| Gift Funds | Never allowed on investment properties |
| Closing cost: | Seller and/or lender can pay up to 2% |
| Debt Ratio: | 45% |
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Additional Notes:
- Unpermitted additions will not be given value
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
- No gifts allowed. Non-arms length transaction prohibited
- Qualifying rental income requires rental agreement
- Six months reserves required if using rental income
- 75% market rent may be used to qualify
- Flips usually one appraisal. No home inspection required
- Borrower must have 2 year landlord history
This page contains program highlights only. See links on right side links for further information and details.
All program are subject to change at anytime without any further notice