Overview

• A large loan that exceeds the limits of conventional loans. These generally have stricter borrowing qualifications.

The requirements:

• Documentation verifying finances, income and employment
• Credit score of at least 700 or higher
• Debt-to-income ratio between 45%
• Cash reserves to cover one year of mortgage payments

The benefits:

• Increased purchase limits for higher-priced properties
• Higher single loan amount doesn’t require multiple smaller loans
• Flexibility in loan terms

Right for your situation if:

• Need a loan amount greater than $453,100
• Have an established credit history