FHA Jumbo Loans
Borrowing the FHA Loan Maximum Amount
New FHA / HUD Guidelines will insure new increased loan amounts based on your county and state. That means you can take advantage of new maximum loan limits for FHA loans. Qualifying customers can now apply for an FHA Jumbo Loan up to the maximum allowed by FHA. You can apply for a home loan with 3.5% down under new FHA loan limits.
A sampling of FHA approved lenders show the following qualifying guidelines:
- Qualified borrowers pay for closing costs plus down payment covering the 3.5% statutory minimum.
- Standard FHA guidelines and regulations apply, yet many lenders do require a 580 FICO score.
- For greater loan amounts on purchases, minimum FICO scores increase to 600 on Purchase, Rate / Term refinances and to 640 on cash-out refinances.
- Maximum Debt to Income Ratio's are 43% on the back end.
- No down payment assistance on loan amounts over $484,350.
- No non traditional credit.
- Declining Markets: Two appraisals will be required when the loan amount, excluding upfront MIP, will exceed $484,350 and the LTV equal to or greater than 95%.
FHA Loan Programs
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FHA Loan Articles and Mortgage News
January 25, 2022 - There are a number of ways you can pay for the closing costs of your FHA home loan. Closing costs can include any discount points you are paying to lower your interest rate, appraisal fees, property taxes, and other expenses.
January 17, 2022 - Most people generally seem to understand that you cannot be discriminated against for your race, religion, gender, or national origin when you look for an FHA mortgage. This is true at all stages of the housing process whether you seek an FHA loan, conventional mortgage, or even rental housing.
January 16, 2022 - Our headline is a bit disingenuous because the myths we’re discussing prevail in every calendar year one way or another. Most times, when people make assumptions about FHA loans, it often has to do with being or not being a first-time homebuyer.
January 15, 2022 - The FHA home loan program offers options for borrowers who want to buy a typical suburban home, but there are also loan options for mobile homes and condo units. These loans are known as Title I loans and can be used to buy or refinance these homes.
January 14, 2022 - Did you know that you can get help with the FHA required minimum down payment, for example, but that the money must be documented from start to finish before the lender can allow you to use it? You can ask your participating lender for instructions on what should be submitted.
