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
June 18, 2021 - When exploring home loan options, some borrowers want a loan that has the lowest upfront costs possible. This makes sense if money is tight, or when a borrower has goals for their money and a down payment would hurt those plans.
June 15, 2021 - The Department of Housing and Urban Development has announced changes to its policies that govern consideration for those who seek FHA home loans while in the United States under the Deferred Action for Childhood Arrivals (DACA) program.
June 14, 2021 - Did you know that as a first-time home buyer you have the option to purchase a condo unit with an FHA mortgage? There are also options for first-time borrowers to apply for FHA rehab loans for renovations and even an FHA home loan that allows you to build instead of buying.
June 11, 2021 - Renting is an important step toward home ownership--some borrowers must rent while looking for a forever home, others choose to rent until they feel the time is right to commit to a mortgage. In either case, housing discrimination hurts these future homeowners, too.
June 10, 2021 - There are several FHA loan options available when it is time to refinance a home loan. Two of those are FHA cash-out refinancing and FHA Interest Rate Reduction Refinance loans. How do these two refinance options compare and which should you choose?
