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
October 20, 2020 - In the age of coronavirus, many home loan and refinance loan policies have been re-examined to see how borrowers can be helped into new loans or refinance loans even having needed a loan forbearance.
October 14, 2020 - If you don’t know the contents of your credit report, you aren’t ready for a home loan. But subscribing to a credit monitoring service is just the first step--knowing what options to choose can be an important step in getting better prepared for your mortgage loan application.
October 13, 2020 - Mortgage loan interest rates fell to incredible lows in 2020 and many homeowners have taken advantage of those low rates to refinance their mortgages. There are many reasons to do so including saving money over the lifetime of the loan by paying a lower interest rate.
October 10, 2020 - Some borrowers find the property they want does not qualify for an FHA mortgage loan and they aren’t sure why--at first. You can save a lot of time and money by understanding what FHA loans are approved for and the kinds of property you cannot purchase using an FHA home loan.
October 7, 2020 - With credit monitoring you opt into a level of protection that can warn you if such issues become present in your credit report. But keep in mind that knowing is only part of the battle--it takes time to contest a credit report problem.
