If you live in California, Arizona or Utah – and are shopping for a higher-end home, chances are that you are at least considering financing it with an FHA jumbo loan.
Did you know in many areas of the country FHA will finance up to $729,000 with just 3.5% down? This is a great product and may not be around forever. This is a special product created by HUD when the housing crisis hit and it could been taken away anytime. If you are thinking of buying a new home but don’t have a lot of money for a down payment this is the program for you. Rates are at the lows of 2010. Not to mention, the price drop on homes over $500,000 is tremendous. There are fantastic deals for homes out there for this market.
Here are some basic 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%
This is a great loan for move up buyers who may be upside down your existing home. You can rent out your existing house and take advantage of the new lower home prices.
We can close your FHA jumbo in just 10 days!
