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
SEE YOUR CREDIT SCORES From All 3 Bureaus
Do you know what's on your credit report?
Learn what your score means.
FHA Loan Articles and Mortgage News
July 20, 2024 - When you close an FHA mortgage, you make your down payment and pay closing costs, accept the keys to the home, and prepare to move in. But what should you expect after moving into the new house?
July 19, 2024 - There are many FHA home loan programs, including construction loans and reverse mortgages, which have details some borrowers find confusing. However, assistance is available. HUD-approved housing counseling can greatly help.
July 17, 2024 - What fees and expenses can you expect from an FHA reverse mortgage, also known as an FHA home equity conversion mortgage (HECM)? There are a number of important costs to save for. We examine them in this article.
July 16, 2024 - There are many options to consider when planning your home loan. One good example? Some borrowers wonder if they should choose a 15-year FHA loan over a 30-year mortgage. Those who want to save as much money might consider the 15-year FHA loan, but there are other choices.
July 13, 2024 - According to HUD, the changes announced in early July 2024 modernize the program and enhance its usefulness for individuals and families seeking affordable financing for renovating or rehabilitating a single-family home when purchasing or refinancing it.
