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
January 25, 2023 - No matter what the condition of the housing market, there are some important things to remember when buying a home with an FHA mortgage. Are you anticipating some of the most common home buying mistakes? Here are some things to look out for.
January 23, 2023 - An interest rate buydown can temporarily lower the interest rate on a home loan; the USA Today example shows how a borrower could save $250 a month in the first year of home ownership using an interest rate buydown.
January 21, 2023 - Thinking about buying a fixer-upper with an FHA 203(k) Rehabilitation Loan? Or are you considering a home improvement project financed with an FHA Cash-Out Refinance? You have a set of choices to make far beyond selecting a lender, deciding on the loan type and term, etc.
January 20, 2023 - HUD wants to give FHA borrowers a way to formally complain about appraisal bias when purchasing a home with an FHA mortgage. It’s called a Reconsideration of Valuation, and it’s part of a larger effort to end racial bias in the housing industry.
January 19, 2023 - If you want to buy a fixer-upper, there are some issues to pay attention to before and after you apply for your loan you should be aware of. This is in addition to mortgage loan interest rate trends and changing prices in the housing market.
