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
April 9, 2024 - If you have never bought or built a home before, it would be easy to assume there is just one type of loan offered and that it’s just a matter of picking a condo, existing construction, new construction, or deciding to build on your own land.
April 8, 2024 - Do experts think mortgage rates will drop during the spring of 2024? Some say no, but that doesn’t mean house hunters should give up hope. Many hang their hopes on the potential that the Fed will cut interest rates in late spring or early summer.
April 7, 2024 - If the home can’t pass the appraisal or if the home can’t be repaired to pass an appraisal, this could result in the lender denying the loan. The same is true if the home is located too close to high voltage power lines, oil or gas drilling operations, or in certain natural disaster hazard zones.
April 6, 2024 - The FHA reverse mortgage is an option for these qualifying applicants that lets the borrower take cash at closing time on a loan that is not due until the borrower dies, sells the home, or stops using it as the primary residence.
April 5, 2024 - FHA mortgages are a good idea for borrowers who want to save money upfront on the mortgage and ideally have FICO scores of 580 or better. Those with FICO scores below 580 should work on credit and other financials before applying for a loan.