Lock & Shop and Nationwide High Balance Programs
Lock & Shop
In the current market, it can not only be hard to find a home, but we are also experiencing rising interest rates as well. Many clients ask if they can lock in their interest rate even if they haven’t found their perfect home. Up until now, my answer was no, but RP Mortgage can now offer a Lock and Shop option. This means, even if you haven’t found a home, you can lock in an interest rate now for 60 or 90 days at no cost. The Federal Reserve is planning 2-3 more hikes this year, so this is an excellent option for buyers who want to avoid the risk of a higher interest rate.
Nationwide High Balance
Fannie Mae and Freddie Mac set loan limits, and all lenders have to abide by when selling their loans to Fannie Mae and Freddie Mac. These types of loans are called conforming loans. If you fall outside of these loan limits, your only option is a non-conforming loan or Jumbo loan. Fannie Mae and Freddie Mac felt that in some counties the home prices were inflated or above the National average, so they wanted to offer higher loan limits in those counties, which are called High Balance Conforming Loans. In all major counties surrounding Denver, CO the High Balance Conforming loan limit is $529,000, but the Nationwide High Balance loan limit is $679,650. With Lock & Shop offered by RP Mortgage, ltd, you can utilize the Nationwide High Balance conforming loan limit in any major county surrounding Denver, CO.
Being able to use the Nationwide High Balance conforming loan limit is great news for borrowers in the greater Denver Metro Area! Because in most cases conforming loans are a better option than non-conforming loans. Conforming loans come with more relaxed underwriting requirements, offer higher loan to value ratios, and have better rates. These reasons are also true with the Nationwide High Balance loan provided by RP Mortgage, Ltd. Here are some more key features of this product:
- 10% down payment with NO mortgage insurance
- Primary and Second Homes are eligible
- Starting at a 680 FICO (credit score)
Feel free to connect with me if you would like to learn more.
