Have you heard about FHA Jumbo Loans?
In 2008, the economic stimulus package was put into place. Part of the package was to offer FHA Government Insurance on higher loan limits than in the past. These larger FHA loans are known as FHA Jumbo Loans aka FHA Jumbo Home Mortgage Loan.
FHA Jumbo Loans can be used to purchase or refinance a home in Bergen County and other high-cost areas in New Jersey (NJ).
The maximum loan amount limits are placed by the Government on FHA Home Loans. These limits vary not only from one State to another, but also from one County to another. The limits are also dependent upon the number of units (1-4) in the home on which you are seeking financing.
The 2009 maximum FHA mortgage limits go up to $729,750 for a single family home and up to $1,403,400 for multi-family homes. For the most up-to-date information, please use this link to check the Department of Housing and Urban Development’s web site to determine the FHA Jumbo Limits in your area at https://entp.hud.gov/idapp/html/hicostlook.cfm
FHA Jumbo Mortgages are underwritten with almost the same guidelines as smaller FHA Loans and have very low interest rates. Using an FHA Jumbo Mortgage you can finance up to 96.5% for a home purchase, 97.5% for a rate/term refinance and 85% for a cash out refinance.
FHA loans offer some tremendous benefits to borrowers. These include:
- Lower down-payment requirements, (as low as 3.5%)
- Lower credit score requirements,
- Lower interest rates than Conventional Jumbo Products, (because they are federally insured)
- Lower mortgage insurance rates than Conventional Jumbo Products,
- Same rate for 1-4 unit properties,
- More lenient underwriting guidelines,
- Higher Loan-to-Values – Up to 85% financing cash-out refinances,
- Higher Loan-to-Values – Up to 97.75% financing for a rate and term refinances,
- Higher debt-to-income ratios allowed.
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I hope you have enjoyed this blog.
Until next time,
Tony
201-943-6800
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