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What are you looking to do?

What are you looking to do?

Purchase
Purchase
Refinance
Refinance

Conventional - High Balance and Conforming Mortgage

Who are our Conventional – High Balance / Conforming Mortgages Best Suited For

Conventional mortgages are typically geared towards borrowers with more robust Credit / Income / Asset profiles. Conventional mortgage borrowers are held to a higher qualification standard.

How Conventional – High Balance and Conforming Mortgages Work

These mortgages are secured by Fannie Mae and Freddie Mac. Currently these institutions are Government entities that provide all the Conventional mortgage programs. These mortgages are typically secured by borrowers with better credit / income / asset profiles. Conventional mortgages are recognized as superior mortgages for more qualified borrowers. geared for A paper borrower. Approvals are generated by an Automated Underwriting System “AUS” called (DU or LP). As a lender we run your mortgage file through the system and the “AUS” and a DU or LP approval is generated. As a lender we make sure to satisfy all conditions called for by the AUS.

Program Highlights for Conventional – High Balance and Conforming Mortgage

  • Conventional High Balance Mortgage Limit $765,600.00 for an SFR. Mortgage limits are higher for 2-4 Units
  • Conventional Conforming Mortgage Limit $510,400.00 for an SFR. Mortgage Limits higher for 2-4 Units
  • Maximum Loan to Value is 97%. On a High Balance 97% LTV is limited to Home Ready Mortgage. Home Ready Mortgages have Income restrictions. Typically, on High Balance mortgages 95% is Max Financing
  • Mortgage Insurance is required for any mortgages over 80% LTV. This is not government insurance. This Insurance is Private Mortgage Insurance provided by third party companies. We as the lender will shop for the best Mortgage Insurance providers for your mortgage
  • To qualify it must be Full Documentation ONLY. We require Tax Returns / Pay Stubs and Bank Statements
  • Freddie Mac does offer a 1-year tax Return Program. For this Program you must be Self Employed for at least 5 years
  • A minimum credit score of 620 is required for High Balance and Conforming mortgages
  • Max DTI ranges between 43-47%. In some cases, we have seen higher DTI’s get approved. All approvals are generated through an Automated Underwriting system called DU (Desktop Underwriter) for Fannie Mae mortgage and LP (Loan Prospector) for Freddie Mac mortgages
  • There is no reserve requirement on Owner Occupied purchases or refinances however it does help. There are reserve requirements on Investment properties
  • This program is eligible for Purchase transactions or Refinance Rate and Term or Cash Out. Unlimited Cash Out options are available. Maximum LTV on a SFR Cash Out is 80%. LTV’s range based on Occupancy and Home type
  • The occupancy is limited to Primary Residence, Second Home and Investment properties are eligible on this program
  • Single Family Homes, Condominiums and 2-4 Unit homes are all eligible for financing. If you are financing a 2-4 unit home the borrower must occupy one of the units. Financing for 2-4 Unit Investment properties is eligible as well
  • Non-Occupying Co Borrowers may be used to Qualify
  • First Time Home Buyers are Eligible
  • Delayed Financing options are available
  • 30 Year Fixed, 15 Year Fixed, 5/7/10 year ARM – Available
  • Minimum Mortgage Amount is $300,000.00

MBANC, A MORTGAGE LENDER. MORTGAGE BANK OF CALIFORNIA DBA MBANC. NMLS ID # 38232 (NMLS CONSUMER ACCESS SITE). ARIZONA MORTGAGE BANKER LICENSE - LICENSE # 0943170. CALIFORNIA - DBO FINANCE LENDERS LAW LICENSE - LICENSE # 60DBO45280. CALIFORNIA - DRE REAL ESTATE CORPORATION LICENSE ENDORSEMENT - LICENSE # 01521655. COLORADO MORTGAGE COMPANY REGISTRATION - REGULATED BY THE DIVISION OF REAL ESTATE. CONNECTICUT MORTGAGE LENDER LICENSE - LICENSE # ML-38232. DISTRICT OF COLUMBIA MORTGAGE DUAL AUTHORITY LICENSE - LICENSE # MLB38232. FLORIDA MORTGAGE LENDER LICENSE - LICENSE # MLD1287. GEORGIA MORTGAGE LENDER LICENSE/REGISTRATION - LICENSE # 48090 (DBA MBOC HOME LOANS). HAWAII MORTGAGE LOAN ORIGINATOR COMPANY LICENSE - LICENSE # HI-38232 (DBA MBOC HOME LOANS). IDAHO MORTGAGE BROKER/LENDER LICENSE - LICENSE # MBL-2080038232. ILLINOIS RESIDENTIAL MORTGAGE LICENSE - LICENSE # MB.6761396. MARYLAND MORTGAGE LENDER LICENSE - LICENSE # 21870. MICHIGAN 1ST MORTGAGE BROKER/LENDER LICENSE - LICENSE # FL0022526. NEW JERSEY RESIDENTIAL MORTGAGE LENDER LICENSE - REGULATED BY THE DEPARTMENT OF BANKING & INSURANCE. NORTH CAROLINA MORTGAGE LENDER LICENSE - LICENSE # L-183446. OHIO RESIDENTIAL MORTGAGE LENDING ACT CERTIFICATE OF REGISTRATION - LICENSE # RM.804374.000. OREGON MORTGAGE LENDING LICENSE - LICENSE # ML-5804. PENNSYLVANIA MORTGAGE LENDER LICENSE - LICENSE # 71003. SOUTH CAROLINA-BFI MORTGAGE LENDER / SERVICER LICENSE - LICENSE # MLS - 38232, MLS - 38232 OTN #1 (DBA MBOC HOME LOANS). TENNESSEE MORTGAGE LICENSE - LICENSE # 178934. TEXAS - SML MORTGAGE BANKER REGISTRATION - REGULATED BY THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING. UTAH MORTGAGE ENTITY LICENSE - LICENSE # 10877496, 10826912, 10827018. VIRGINIA LENDER LICENSE - LICENSE # MC-6638. WASHINGTON CONSUMER LOAN COMPANY LICENSE - LICENSE # CL-38232. WYOMING MORTGAGE LENDER/BROKER LICENSE – LICENSE # 3912. NMLS CONSUMER ACCESS SITE NEITHER MBANC NOR MORTGAGE BANK OF CALIFORNIA IS A CHARTERED BANK OR TRUST COMPANY, OR DEPOSITORY INSTITUTION. THEY ARE NOT AUTHORIZED TO ACCEPT DEPOSITS OR TRUST ACCOUNTS AND ARE NOT LICENSED OR REGULATED BY ANY STATE OR FEDERAL BANKING AUTHORITY.


APR of 6.627% BASED ON AN INVESTMENT PROPERTY CASH OUT 60% LTV WITH A FICO OF 688 ON A POSITIVE DEBT SERVICE TRANSACTION WITH 1% ORIGINATION FEE WITH A LOAN AMOUNT OF 177K APR OF 7.757% BASED ON A PRIMARY PROPERTY CASH OUT AT 55% LTV WITH A FICO OF 652 ON A 24 MO BUSINESS BANK STATEMENT TRANSACTION WITH A $9000 ORIGINATION FEE WITH A LOAN AMOUNT OF 605K APR OF 7.275% BASED ON AN INVESTMENT PROPERTY PURCHASE AT 75% LTV WITH A FICO OF 762 ON A NEGATIVE DEBT SERVICE TRANSACTION WITH 1.25% ORIGINATION FEE WITH A LOAN AMOUNT OF 1,269,750 APR OF 5.298% BASED ON A PRIMARY PROPERTY PURCHASE AT 80% LTV WITH A FICO OF 773 ON A 12 MO BANK STATEMENT TRANSACTION WITH A 2% ORIGINATION FEE WITH A LOAN AMOUNT OF 184K THE ABOVE INFORMATION IS BASED ON SPECIFIC SCENARIONS. RATES AND FEES ARE SUBJECT TO CHANGE AND BORROWERS MUST MEET GUIDELINE CRITERIA TO QUALIFY. - HETER ISKA