It is still important to note that the conforming loan amount of $417K still comes into play even with the high balance loan amounts. “High balance” refers to the loan amounts between $417,000 and the county limit. There are different guidelines and even additional costs in some cases, for the high balance loan amounts. So for clarification, any loan amount over $417,000 up to the county limit, whatever limit that may be for your county, is considered a high balance loan amount. This also conveys in the world of conventional financing, but for this mortgage minute, we’re going to focus on the FHA loan limits.
It’s important for you to be properly advised regarding the county limits and the guidelines that are in effect with each loan amount. If you are looking for higher debt to income ratios, or lower monthly mortgage insurance, it’s important to note that on the higher FHA loan amounts, there will be additions costs and tighter restrictions.
Feel free to call me, I’d be more than happy to consult with you about your particular situation, and what works best for you!