Beacon Lending Home Loans in Denver Colorado

3 Effortless Reasons Nationwide High Balance Loans are better than Jumbo Loans

How can you get a loan for a new home purchase that is better then a jumbo loan if purchasing a home under $800,000? Simple, use Nationwide High Balance Loans, don't get a jumbo loan.

Rates on a Nationwide High Balance loan are almost a full percentage point better, and you will not have the demanding reserve requirements of a jumbo loan, which usually can be up 12 months of reserves in your account.

This program comes in handy, especially in Austin, Texas where the home buying has absolutely exploded, and the increase in home values, is making this loan the next best choice, when financing above the Travis County loan amount limit, which is $484,350.

Bicycle leaning up against the garage door.

3 Reasons to Use Nationwide High Balance Loans

The following 3 Reasons to choose the Nationwide High Balance loan make it the clear winner, in comparison to a standard jumbo loan.

1. Cheaper Rates

Rates will usually be around a full percentage point lower in comparison to a jumbo rate. This program will lend up to 90% down to a 680 score for owner occupied purchase up to a $726,525 loan amount. This will save you thousands in interest over the life of your loan, if you were to choose this vs a jumbo loan.

Young Couple Looking at Construction Documents
WE LIKE THAT

2. No Reserve Requirements

As long as you get a DU/Approve/Ineligible on the initial loan approval, then you will not be further conditioned for reserves, like a standard jumbo loan. If you are putting aside $78,000 for a 10% purchase on a $800,000 home, you might not have another $30,000 or so sitting around, which would be a further requirement with a jumbo loan.

Young couple closing on a home mortgage using Nationwide High Balance Loans.
KEYS NOW PLEASE

3. Flexible Credit Terms

This program will lend 90% down to a 680 score up to a loan amount of $726,525. Good luck finding that with a 10% down jumbo loan, and if you do find it, the rate will be awful, more then likely. A 680 is a good score, and not hard to achieve. Have a 720 or 740 with 10% down jumbo, might be a little more challenging, however still, the rate ultimately will be lower on a Nationwide High balance loan.

Older couple meeting with mortgage broker.
YES PLEASE

As you have read in the above article, the Nationwide High Balance loan is the program you should be looking at, especially if you are not wanting all of the additional requirements needed for a jumbo loan. With home prices continuing to rise in Denver, CO and Austin, TX, this is the clear winner mortgage.

About the Author

Brian Quigley
Brian Quigley
 NMLS# #244003

Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.

View Full Profile
please leave a review on google
Adam Armstrong
Getting the lowest rate was the most important thing to me. I shopped 5 other lenders/brokers for my refinance. Brian was able to beat the other lenders by a significant margin....
Brent Galas
Brian, was very easy to work with for my refinance even thru this Covid time. All documents were easy to upload electronically and his processor was detailed for what was needed...
Jerred Lane
Brian has raised the bar to a whole new level. With time being precious, there are not many who have a lot of time to spare; he kept everything on point and on track.

NEED HELP NOW CLOSING YOUR HOME LOAN?

Get Rescued Now!

1
2
3
4
5
6

Mortgage Industry News and Information

5 Reasons to live in Durango, Colorado

View >>

5 Reasons why people absolutely love Boulder, Colorado

View >>

Debt consolidation in 2022

View >>

FHA Bankruptcy Waiting Period

View >>

What are the Best Renovation Loans? - FHA 203K Loan, Fannie Mae HomeStyle, or Freddie Mac CHOICERenovation Loan

View >>

Fannie Mae Home Ready Vs Freddie Mac Home Possible

View >>

A Comprehensive Guide to Cash Out Refinancing

View >>

Texas Cash-Out Refinance For 2022: Everything You Need To Know

View >>
1 2 3 13

Join Our Weekly Newsletter

Stay up to date with the latest news from the mortgage industry in Colorado.
Stay Informed and Sign Up

Beacon Lending Locations

starclosebarscaret-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram