More and more people are calling us about the FHA jumbo loan program.
Depending on where you live in the country, currently FHA will allow you to finance up to $729,000 with just 3.5% down?
The reason for this special jumbo loan program is that it was part of the legislation passed by congress recently and chances are that it won’t be around forever. It was a special program that was created by HUD and it could go away at any time.
So if you are considering a home that will need a jumbo loan, be sure to ask your loan officer if the FHA jumbo loan is right for you. You might find that with the recent property declines and with interest rates at all time lows, an FHA jumbo loan might make the most sense for your situation.
That million dollar home in 2006? Chances are that it is now selling for $500,000 and can qualify for a FHA jumbo loan.
Basic FHA jumbo loan guidelines include:
- Up to $729,000 financed. (based on the county loan limits published by HUD)
- 660 FICO score required.
- 3.5% down payment.
- 30 year fixed rates around 5%
FHA jumbo loans take just as much time to close as “regular” FHA loans do – 10 days. So if you are in a hurry, we are able to accommodate your schedule as well.
And if the FHA jumbo program goes away before you can get qualified and close your FHA jumbo loan?
Don’t say we didn’t warn you.
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