MMC Logo
(866) 747-2882 Apply Online
Check My Eligibility

Conventional High Balance Loans. Down Payments As Low As 5%!

High Cost Areas, with Low Down Payment Loan Requirements

How do you want to get started?
Quick application

With Millennial Home Loans quick online loan application, determining if you qualify for an Conventional Low Down Payment High Balance Loan and for how much, has never been easier.

Get Started!

OR

Talk to a Conventional Low Down Payment High Balance Mortgage Expert

Not ready to apply online? No problem. Answer a few questions, and a Conventional Low Down Payment High Balance Mortgage Expert will call you back.

Request a Call Back
Today's Conventional Low Down Payment High Balance Interest Rates
Conventional 5% Down High Balance Loan interest rates change on a daily basis. To receive a quick quote on current interest rates Click Here to receive an update interest rate quote.

5% Down High Balance Conventional Purchase Loan Program Benefits

  • Borrowers can purchase a home, located in a HUD high cost area, with down payments as little as 5% down
  • On a one-unit property 100% of the down payment can come from a family member gift
  • Borrower paid Mortgage Insurance permitted
  • Up to 6% seller paid closing cost assistance and Down Payment Assistance programs allowed
  • Loan amount over $647,200 for High Balance Conventional Loan limit areas
  • Less restrictive appraisal report requirements than a comparable Government Loan appraisal report
  • Available in both fixed and adjustable rate mortgages

Comparing a 5% down High Balance Conventional Loan Vs. a 3.50% FHA Loan

  • Neither program has maximum income restrictions income, limitation on whether the borrower is a first-time homebuyer, and requirements for taking homeownership education classes
  • Both programs allow for a family member gift for the down payment and closing costs
  • The mortgage insurance on a High Balance Conventional Loan automatically ends once the loan has been paid down to 78% of the original purchase price. FHA monthly mortgage insurance lasts for the life of the loan
  • The FHA Loan program charges a financed upfront fee of 1.75% of the loan amount, while High Balance Conventional Loan program has no financed upfront fee
  • FHA monthly mortgage insurance costs are the same regardless of the credit score. High Balance Conventional monthly mortgage insurance costs vary based on the down payment amount and borrowers credit scores. Borrowers with lower and average credit scores usually benefit by using an FHA Loan over a High Balance Conventional Loan
  • Interest rates on an FHA Loan are usually lower than a High Balance Conventional Loan
  • The FHA Loan allows 6% seller closing cost help while the High Balance Conventional Loan allows 3% and 6% seller closing cots help based on a minimum 5% and 10% down payment; respectively
  • FHA appraisal reports will review the safety and livability of the property, while High Balance Conventional appraisal reports establish property value with much less emphasis to the condition of the house