The High Balance Nationwide Product
The High Balance Nationwide Product: is a variation on a high balance conventional loan. It is underwritten mostly to Fannie Mae guidelines, with the exception of some overlays. This means that some loans that would generally have to go Jumbo can now remain in a high balance product. These loans will have a loan amount that is $1 greater than the county loan limit, up to $679,650.
- 680 Min FICO
- 30 yr Fixed only
- Primary and Secondary residences ONLY
- Purchase, R/T, and Cast Out = 80% LTV
- 1-unit primary up to 90% CLTV
- 43% Max DTI
- Must be run through only DU and Approve/Ineligible
- The Ineligible reason can only be for the loan amount
- PIWs are NOT accepted
- 1 or 2 unit properties available
- VVOE or WVOE is needed on ALL employers from past 2 years
- VOEs for past employers are to be obtained by the Broker.
- When tax returns are in the file for ANY reason and self-employed businesses are present, the underwriter must request 2 years of business tax returns, a Profit and Loss Statement, and a Balance Sheet for every business.
- Must qualify the borrower with any secondary self-employment (losses) reporting on the 1040s
- Must provide Profit and Loss Statement and Balance Sheet for all business reporting, even if not using to qualify.