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There is no income limit for FHA Jumbo loans, and there is no first-time home buyer requirement. There is, however, a set of rules that apply specifically to Jumbo loans that you’ll want to know about.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

FHA Jumbo Loans in 2020

December 30, 2019

FHA Jumbo Loans in 2020
The FHA Jumbo Loan, also referred to as a non-conforming loan, are mortgages that exceed the county limit for mortgage loans in that area. Jumbo loans are available to qualifying FHA loan applicants who may be first-time home buyers, return borrowers, etc.

There is no income limit for FHA Jumbo loans, and there is no first-time home buyer requirement. There is, however, a set of rules that apply specifically to Jumbo loans that you’ll want to know about.

FHA Loan Limits Vary by County/Zip Code

FHA loan limits are not standardized across the nation. There is a list of FHA loan limits by county that identifies housing markets and whether they are high-cost, low-cost, or average markets. Jumbo loan amounts are not standardized nationwide.

That means that the dollar amount you are eligible for will depend on the county or zip code where you are buying; FHA Jumbo Loan amounts in Hawaii may not be the same as what is offered in a less expensive housing market.
 
Talk to a loan officer about what is possible in your housing market, or the market where you want to explore purchasing a home. Jumbo loans are possible if you qualify, but don’t assume the loan amount you are eligible for in one location applies to another.

FHA Jumbo Loans Compared to Other FHA Loans

In many ways, FHA Jumbo Loans are similar to standard FHA mortgages, including the restriction on cash back to the borrower. There is an occupancy requirement, and you cannot apply for an FHA Jumbo Loan to purchase investment property.

Like regular mortgage loans guaranteed by the FHA, FHA Jumbo Loans are specifically designed to prevent cash back to the borrower at closing time. This prohibition has an exception when it comes to paying the borrower a legitimate refund, such as for items paid for up front but later included in the loan amount.
 
Borrowers are entitled to that exact sum refunded to you at closing, but nothing additional.You cannot get cash back with a forward mortgage the same way you would get money at closing time for a Cash-Out Refinance loan.

Jumbo Loans Require The Borrower to Make the Full Down Payment

According to the FHA official site, no down payment assistance is permitted on FHA mortgages above $417,000. Jumbo Loan borrowers should plan on budgeting for the full down payment requirement for these non-conforming loans.

FHA Jumbo Loan FICO Score Requirements and Costs

FHA Jumbo loans have costs which may be higher than typical FHA mortgage loans. The participating FHA lender may have jumbo loan FICO score minimum requirements that are higher than for purchase loans for existing construction.

Borrowers who aren’t sure if their FICO score qualifies for an FHA Jumbo Loan should discuss specific lender requirements with a loan officer. You can also get pre-purchase counseling by calling the FHA directly at their toll free number (1-800 CALL FHA) and requesting a referral to a local, HUD approved housing counselor.

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