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
May 10, 2024 - Which services are required for FHA loans, and which ones are optional? Some borrowers ask this in the planning stages because they’re trying to find ways to stretch their home loan budgets for closing costs and the down payment. We examine some critical services in this article.
May 8, 2024 - You cannot make a down payment or pay closing costs with cold, hard cash. You must render payment in the manner acceptable to the lender, which is typically a wire transfer or some other pre-arranged procedure for down payment money.
May 5, 2024 - If you want to buy a home or build one on your own lot with an FHA mortgage, there are distinct phases in your journey toward home ownership. One phase is the initial planning and saving you need in order to prepare for closing costs, the down payment, and other expenses.
May 3, 2024 - Are you considering refinancing your home with an FHA 203(k)? No matter what kind of construction or renovation project you have in mind, there are some guidelines each of these have in common that you should know about before getting started.
May 1, 2024 - Do you want to pay off a 15-year or 30-year FHA mortgage ahead of schedule? One of the perks of an FHA mortgage for a single-family home is that FHA loan guidelines do not permit the lender to charge you a penalty just for paying the mortgage off ahead of schedule.
