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 29, 2024 - U.S. News and World Report published an article in April 2024 that included data from a U.S. News survey of American mortgage trends this year. In that survey, nearly 70% of house hunters who responded say they are waiting for home loan interest rates to fall before buying a house this year.
April 28, 2024 - Buying in cash does not necessarily mean you will get a big discount on the house. It’s all the same to the seller, who gets their money, either way. In more competitive housing markets, the cash offer is more appealing to some because it may work faster than dealing with a lender.
April 26, 2024 - During the second quarter of 2024, 30-year fixed-rate FHA mortgage rates were listed in the low 7% range, a place many hoped would be in the rearview mirror by now. What do respected market watchers say about the current state of the housing market regarding mortgage rates?
April 24, 2024 - Finding or building your dream home means paying attention to many important details. Is the house you want large enough to live in for 5 to 10 years without outgrowing it? Is your house close enough to essential services like child care or school?
April 21, 2024 - Are home loans riskier in 2024 due to elevated potential for scams and fraud? Fraud prevention company Funding Shield reports high fraud vulnerability in roughly half of all portfolio loans, including residential mortgages, in the first three months of 2024.
