There are new FHA/HUD guidelines to make sure high balance loans are based on your county and state, which means you can take advantage of jumbo loan limits for FHA loans. If you are qualified borrower, you can apply for an FHA Jumbo Loan up to the maximum allowed by the FHA. You can apply for a home loan with 3.5% down under the new FHA loan limits.
FHA-approved lenders show the following requirements:
- Standard FHA guidelines and regulations apply, yet many lenders do require a 580 FICO score.
- Qualified borrowers pay for closing costs plus down payment covering the 3.5% statutory minimum.
- For higher loan amounts, a minimum FICO score of 600 on Purchase Rate/Term refinances and 640 on cash-out refinances is required.
- No down payment assistance on loan amounts over $417,000.
- Maximum Debt to Income Ratio is 43%.
- Non-traditional credit is not allowed.
- Declining Markets: Two appraisals will be required when the loan amount, excluding upfront MIP exceeds $417,000 and the LTV is equal to or greater than 95%.