Many in the real estate industry were concerned about the fallout of a proposed cap to maximum seller contributions from 6 percent to 3 percent for home purchases using FHA-insured loans. But the FHA is weighing another change that may cause less concern, Inman News reports.
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Jumbo FHA Mortgage Loan
Introducing conforming rates for jumbo home loans.
Also know as the High Balance FHA Loan program. You loan may qualify for this program.
- Higher Loan Balances
- No resever requirements
- Higher Loan to Values
- Higher debt to income ratios allowed
- Lower Fico (credit score) requirements.
- Non-conforming loans
- High Balance
FHA loans with the temporary higher FHA loans limits are eligible as a result of the
Economic Stimulus Act of 2008.
| For properties located in: | With the following number of units: |
The maximum BASE mortgage amount exceeds: |
| 49 States (excluding Hawaii) | 1-unit | $417,000 |
| 2-unit | $464,449 | |
| 3-unit | $561,411 | |
| 4-unit | $697,696 |
| Transaction | Min Score | Max Loan to Value | Max CLTV |
| Purchase | 620 | 98.75 | 98.75 |
| 600 | 95 | 95 | |
| Rate and Term | 620 | 98.75 | 98.75 |
| Cash Out Up to 85% | 640 | 85 | 85 |
Click Here to see detailed FHA Guidelines