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Is there a difference betweeb a jumbo and high-balance mortgage

I see articles about both " high balance loans" and jumbo online but I'm not seeing the overlap. Either way idealy i'd like to take out a larger mortgage but for less than 20% down and my credit is 702 only. So any fitting options will do by candida887623224 from Scottsdale, Arizona. Jan 5th 2015 Reply


Korene Clopine-Seaman (korene)
#68 ranked lender in Arizona - 89 contributions

Yes there is a difference.High Balance Loans are for areas of the country where the costs of homes is much higher. These areas and the values are determined by HUD on a county by county area most of the time. Some of these areas are located in California, Hawaii, New York. We have no such areas in Arizona.Jumbo loans are for loans over $417,000.As a mortgage banker in Arizona, I would be pleased to answer your questions as well as assist you will obtaining the best loan for you, your needs, qualifications, and financial goals.Call me Korene L. Clopine-SeamanBranch Manager / Talent Acquisition Lead / Senior Mortgage Banker MLOS# 218520 AZ License # LO-0916745 CA License # DBO-218520Direct Phone: 623-340-0934 Fax: 623-218-1807eMail: korene@klcsloanteam.com Mortgage Website: www.klcsloanteam.comReferral site: www.klcsreferralpartners.comText Korene to 87804 for my electronic business card.Geneva Financial, LLC15396 North 83rd Ave, Bldg F Suite 101Peoria, AZ 85381NMLS: 42056AZ BK-0910215Equal Opportunity Lender

Jan 5th 2015
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Mike Tompkins (mike@wjbonline.com)
#55 ranked lender in Arizona - 4 contributions

You have options with 10% down for a jumbo loan with a 702 FICO score. You can give me a call at 480-421-1151 direct to discuss. Thank you.

Jan 5th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Yes.."High balance Loans" are conventional loans for properties that are in "High Cost Area's" of America. New York, Chicago, LA, Most of Hawaii, etc.. Homes in these cities are much more expensive than other area's, so the typical "$417K" maximum loan limit for conventional financing is extended for those higher cost of living areas.. Jumbo financing is for all those loans that exceed the $417K, or the HBL's for the area. In Scottsdale, it's not considered a high cost area, so your stuck with the $417K max loan amount for conventional. There are some pretty aggressive Jumbo loan products out there right now, so you might want to give me a call.. I think I can help you find the right loan... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 5th 2015
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 796 contributions

you should be fine with 10% down in that situation, call William Acres, he is the best in Arizona...

Jan 5th 2015
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Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 539 contributions

I agree with Mr. Acres previous submitted answers. He is also one of the best broker's in AZ.

Jan 5th 2015
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