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%.
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FHA Loan Articles and Mortgage News
November 24, 2019 - You cannot be legally denied housing because you have children, are a single parent, are a non-traditional couple or parent, are transgender or identify as such, or any other non-financial excuse not to provide or continue providing housing.
November 20, 2019 - If you have been house hunting on the real estate market for any length of time, it starts to become apparent that there are things a seller can’t or won’t tell you. And that does not necessarily mean they are being dishonest or should be considered suspect.
November 18, 2019 - Are you looking for the best advice for buying a home? There is a lot of information out there, but some of the most useful advice is often overlooked. Make sure you consider home affordability and compare prices of similar homes in the area where you want to live.
November 9, 2019 - FHA home loans have a delinquency rate that is higher than conventional mortgages. A CNCBC report says the rate is as much as six percent higher. Housing counseling could help prevent some of those delinquencies.
November 7, 2019 - There are many consumer watchdog organizations helping people learn more about how credit works and what it takes to get a better FICO score so you can get more competitive interest rates and down payment requirements from a lender.
