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
March 14, 2024 - Some loan types allow you to pay 20% down to avoid mortgage insurance altogether. Other loan types may allow you to make a larger down payment and stop paying mortgage insurance after 11 years. Other loans have no program-required mortgage insurance guidelines at all.
March 12, 2024 - Some want to build a home from the ground up, and that job requires an FHA One-Time Close construction loan. Others want to renovate an existing home using an FHA rehabilitation mortgage or its refinance equivalent.
March 10, 2024 - Roughly 20 million Americans have purchased manufactured housing, and most government-backed mortgage loan programs offer some type of home loan for these borrowers. That includes the FHA, which offers these types of home loans.
March 7, 2024 - FHA home loans have some options common to all government-backed mortgages and some unique features. USDA loans may not be approved for “income-producing” properties. But is that also true of FHA mortgages?
March 5, 2024 - Some borrowers anticipate wanting to refinance later, and some don’t. But going forward it may be wise not to skip thinking about a refinance loan when the rates are still elevated. Plan, budget, and save with this in mind.