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
Home Loan Terms You Should Know
September 25, 2023 - If you are new to buying or building a home, there are some important home loan terms to be aware of. Do you know what amortization is? Mortgage insurance? We examine some of the key terms here.
FHA Loans: Are They Assumable?
September 23, 2023 - ABC News ran an article noting that some borrowers can get into a home loan with mortgage rates as low as three percent. How is this possible in an era where mortgage loan rates are at seven percent? What the article is talking about is the process of loan assumption.
When You Need More Time to Prepare for a Home Loan
September 22, 2023 - How do you know if you are being too hasty when applying for a home loan? We aren’t talking about whether or not you should buy a particular home or not, but rather whether you as a potential borrower have given yourself enough time to prepare for the application.
How not to Make Your Down Payment on an FHA Loan
September 20, 2023 - Down payment issues may vary for any home loan, whether it is an FHA loan, a VA mortgage, or a USDA construction loan. But there are some things all mortgages have in common where down payment money is concerned. The earlier you know these issues, the better.
FHA Loans for Manufactured, Mixed-Use, and Multi-Unit Homes
September 18, 2023 - First-time homebuyers and experienced homebuyers who have never applied for an FHA mortgage may wonder whether they can use an FHA mortgage in certain situations. We examine some of the allowed and disallowed uses for an FHA mortgage in this article.