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LEARN ABOUT HIGH BALANCE LOANS IN CA
High Balance Loans in California
A high balance loan in CA is essentially a conforming loan that is higher than the current conforming loan limit in your state. High Balance loans are great for borrowers who are looking to finance a home in a high-cost area. Oftentimes high balance loans have lower loan costs than traditional Jumbo loans. In some counties in California, such as Los Angeles, Orange, San Francisco, Contra Costa etc., because the cost of living is so much higher, high balance loan amounts are allowed up to $822,375, whereas other counties with a lower cost of living have a limit of $548,250.
WHAT ARE THE BENEFITS OF A HIGH BALANCE LOAN IN CA?
While high balance loans in CA can be used for a few different things such as buying a home, a limited cash-out refinance, or a cash-out refinance. High balance loans offer competitive interest rates and can be used on either primary residences, secondary residences such as rentals, investment properties, or vacation homes. High balance loans in CA even offer condo financing whereas many other loans do not offer that luxury. High balance loans are applied to either fixed rate loans or adjustable rate mortgage loans and require a minimum credit score of at least 640 to apply.
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