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
FHA Home Loan Rules You Should Know
February 19, 2024 - Do you know what to do if the appraisal comes in lower than the sale price? Or whether you can rent out an unused living unit in the home you buy with an FHA loan? These are important things to know when you are planning and saving for your mortgage.
Differences Between VA, FHA, and USDA Mortgages
February 18, 2024 - There are three important government-backed mortgage loan options borrowers can choose from when comparing home loans. Many people are new to these programs and their nuances at first, here’s what you need to know as a first-time home buyer reviewing these loans.
Adding Things to Your FHA Loan
February 15, 2024 - While add-ons to your FHA home loan can drive up the monthly payment, that’s a good trade-off for saving money upfront for some borrowers. For others, higher monthly payments are to be avoided. If that describes you, avoid adding on to your loan wherever possible.
Using Escrow for Your FHA Loan
February 14, 2024 - You may wonder why your loan officer might require you to use an escrow account. Escrow is an agreement between you and the lender through which a third party holds an asset or money on behalf of two other parties that are in the process of completing a transaction.
You Can Buy a Condo Unit With an FHA Mortgage
February 12, 2024 - What do you need to know about how to buy a condo unit with an FHA mortgage? There are exceptions for condos that did not get FHA-required approval, which may be handled on a case-by-case basis. Ask the lender about this issue early in the loan process.