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%.
SEE YOUR CREDIT SCORES From All 3 Bureaus
Do you know what's on your credit report?
Learn what your score means.
FHA Loan Articles and Mortgage News
May 23, 2020 - HUD’s updated policies for closing loans during COVID-19 includes a reminder to lenders and borrowers that HUD does not set or enforce guidelines for the use of notarized paperwork to close the loan. Many home buyers were caught by surprise by coronavirus issues.
May 22, 2020 - The FHA Streamline Refinance loan is designed to provide a benefit to a borrower that meets FHA requirements and that can include a lower payment. Not every refinance loan can help you get a lower monthly mortgage payment or lower the interest rate.
May 21, 2020 - There are misconceptions about FHA home loans and refinance loans that hinder some borrowers from making truly informed decisions about their mortgages. What you don’t know can make a big difference in the price you pay, the terms you accept, and more.
May 19, 2020 - What kinds of income can be used to qualify for an FHA mortgage? If you need to buy a home soon, it's important to understand home loan approval rules, especially in times of economic uncertainty.
May 18, 2020 - The Federal Housing Administration has announced an extension to coronavirus-related mortgage relief for American borrowers with FHA home loans. The FHA has lengthened its eviction and foreclosure moratorium on FHA mortgages until June 30, 2020.
