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New FHA / HUD Guidelines will insure new increased loan amounts based on your county and state. Qualifying customers can now apply for an FHA Jumbo Loan.

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March 27, 2017
FHA Rates for March 27, 2017
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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:

  1. Qualified borrowers pay for closing costs plus down payment covering the 3.5% statutory minimum.

  2. Standard FHA guidelines and regulations apply, yet many lenders do require a 580 FICO score.

  3. For greater loan amounts on purchases, minimum FICO scores increase to 600 on Purchase, Rate / Term refinances and to 640 on cash-out refinances.

  4. Maximum Debt to Income Ratio's are 43%.

  5. No down payment assistance on loan amounts over $417,000.

  6. No non traditional credit.

  7. 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

Read About FHA Requirements, Updates, and Guidelines
FHA Updates PACE Policy

In early 2017, the FHA published updates to its PACE policy. While not all purchasers may be affected by these changes, those who are purchasing property encumbered with a Property Assessed Clean Energy obligation should know about the updates.

FHA Updates Loan Limits for 2017

When the FHA/HUD official site announced FHA mortgage loan guaranty limits for 2017, it quickly followed up the original announcement with some important corrections. However, the makes no changes to FHA loan limits, including those in the special exception areas.

FHA Loan Policy and Student Loan Payments

There are many variations on a theme when it comes to one FHA loan question as it relates to a borrower’s debt-to-income ratio when student loans are involved. How does the lender calculate monthly payments for estimated payment to begin when schooling is complete?

FHA Loan Maximum Amounts for 2017

Are you looking for a home to purchase with an FHA mortgage? Issues new to some first-time borrowers include FHA loan limits, and the maximum loan amount you can apply for. FHA home loans feature a maximum loan amount, which may vary.

FHA Loan Rules for Overtime and Bonus Payments

Can an FHA loan applicant use current overtime income or bonus payments to help qualify for a mortgage? Do these payments count towards overall monthly or annual income? This can be a tricky question to answer because not all overtime or bonus payments are alike.