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 Announces Loan Limits for 2024
November 30, 2023 - In the last week of November 2023, the Federal Housing Administration and the Department of Housing and Urban Development issued FHA loan limits for 2024. There are different rates for single-unit homes all the way up to FHA loan limits for four-unit properties.
First-Time Homebuyers and Their FHA Loan Options
November 28, 2023 - What can a first-time homebuyer use an FHA mortgage to do? You can use it to build or buy a home. You can also use an FHA loan to renovate a home you already own or want to purchase and renovate. You can refinance and even apply for a reverse mortgage.
Career, Finances, and Your FHA Mortgage Application
November 27, 2023 - Major career changes may make your lender reconsider your loan application until you have had enough time in the new job to prove your new income is likely to continue. Your lender typically needs at least 24 months as a self-employed person, freelancer, or new contact employee.
Housing Interest Rates and the 2024 Market
November 26, 2023 - The rate predictions covered here aren’t just for FHA mortgages, but FHA home loans are part of those observations. Business Insider repeats the Fannie Mae prediction for 2024 that rates may reside between 6.4% and 7.1% for 30-year fixed-rate conventional mortgages.
FHA Loan Occupancy Rules
November 25, 2023 - The basic rule of thumb to know is the FHA policy for occupancy which requires at least one borrower obligated on the mortgage to take up residence in the home as the “primary residence” within a reasonable time of loan closing, typically 60 days.