Most people know that interest rates are at all-time lows… and that means when you finance your home, you can buy more house because your monthly payment is lower due to the lower interest rate.
And the FHA jumbo loan program is no different — the rates are low and 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 FHA jumbo loan program is that it was part of the legislation passed which was created by HUD and it won’t be around forever. It is actually at risk of going 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.
Remember how that house down the street in 2006 was selling fro more than $1,000,000? Now it is selling for about half of that — and it is probably eligible for FHA jumbo loan financing.
FHA jumbo loan guidelines:
- 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.
[...] once they find out that they can close their FHA jumbo loan in ten days… well, sometimes it just makes more sense to go with the FHA jumbo loan [...]