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
March 23, 2023 - Do you want to buy a home with an FHA mortgage? No matter what kind of home loan you decide to apply for, knowing what your lender is looking for from your application will help you to better save and plan for your mortgage.
March 21, 2023 - If you are thinking of buying a home with an FHA mortgage, one of the early questions you might be asking is whether or not to buy at all. Is it cheaper to rent or buy in today’s housing markets?
The short answer is that it depends on your own housing market.
March 20, 2023 - The FHA Adjustable Rate Mortgage is an option borrowers have when mortgage loan rates are high. The FHA ARM, as it is sometimes called, starts with a lower introductory interest rate with a fixed period and an expiration date.
March 19, 2023 - In March 2023, one of the major headlines was about the failure of Silicon Valley Bank. The failure of that bank left some worried that a repeat of 2008 was just around the corner. What wasn’t so expected as a result, at least by some, was a drop in mortgage loan interest rates.
March 18, 2023 - Some potential borrowers are confused by the economic reports from other sectors, wondering why in a time of inflation, people are spending money on travel and dining out even as they contemplate whether or not to buy a home this year.
