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%.
- No down payment assistance on loan amounts over $417,000.
- No non traditional credit.
- Declining Markets: Two appraisals will be required when the loan amount, excluding upfront MIP, will exceed $417,000 and the LTV equal to or greater than 95%.
FHA Loan Articles and Mortgage News
July 19, 2017 - The 203(K) Rehab loan is the FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.
July 12, 2017 - FHA loan rules for the single-family loan program are designed for owner-occupiers, but depending on circumstances a borrower may be approved by a participating lender to buy another home--usually in response to a pragmatic need like a larger family or job requirements.
July 7, 2017 - Are there major differences between FHA loans and conventional loans? Why do borrowers choose FHA mortgages over conventional loans? A participating FHA lender can offer qualified borrowers lower interest rates, early payoffs without a penalty, and more.
July 3, 2017 - Do you know what major differences exist between FHA loans and conventional loans? After learning about some features of an FHA mortgage, many undecided borrowers wind up choosing FHA mortgages over conventional loans.
June 21, 2017 - FHA loan rules permit owner-occupiers to buy multi-unit properties and rent out the unused living units. Can the borrower convince a participating lender to factor in potential rental income and include it as part of the applicant’s debt-to-income ratio?
