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New York FHA Jumbo NJ Mortgage

What is an FHA Jumbo loan?

FHA loan amounts that are over $417,000 are called "FHA Jumbo Loans" and carry very similar terms and interest rates as the lower FHA mortgage amounts. FHA Jumbo Mortgages allow a home buyer to purchase a home and finance up to 96.5% of the purchase price. Other loan programs do not allow for such a high Loan To Value in today's lending climate. This is one of the reasons that FHA mortgage loans are so popular today.

FHA JUMBO LOANS have become the most popular loan type in America today and for good reason. FHA JUMBO Mortgages allow for a much higher Loan-to-Value (LTV) when compared to conventional loans and FHA loans carry very low interest rates over a broad range of credit profiles.

Unlike the so-called "conforming jumbo" loans offered by government-sponsored Fannie Mae and the Federal Home Loan Mortgage Corp. (Freddie Mac), the FHA jumbo loans may indeed help a lot of homeowners in NEW YORK and NEW JERSEY.

Since Fannie Mae and Freddie Mac require at least 10 percent down payment and 700 fico score, most homebuyers in high cost areas that are in need of a JUMBO LOAN, can now turn to FHA as they allow JUMBO LOANS WITH 3.5% DOWN PAYMENT ONLY and only a 620 fico score requirement

What are the FHA JUMBO LOAN LIMITS?

1-unit (from $417,000 up to)  $729,750

2-unit (from $533,850 up to)  $934,200

3-unit (from $645300 up to)  $1,129,250

4-unit (from $801950 up to)  $1,403,400

To qualify for the maximum loan amounts above, the property must be located in a high cost area determined by FHA. To see if your property is located in a high cost area, open the link below and type in your county name and zip code and look for the 2010 limits. https://entp.hud.gov/idapp/html/hicostlook.cfm

 

 

What terms are available for jumbo conforming loans?

  • 30 YEAR FIXED FHA JUMBO
  • 15 YEAR FIXED FHA JUMBO
  • 3/1 ARM FHA JUMBO

What are the requirements to qualify for a Jumbo Conforming loan?

  • 620 fico score
  • Full income documentation.
  • Cannot exceed 41/50 debt to income ratios
  • 96.5% financing for  purchase and no cash out refinance
  • 85% maximum for cash out refinance
  • 12 months cancelled rent checks or mortgage payment verification.
  • 1-4 family type homes. (NO COOPS)

How long does it take to close on an FHA JUMBO loan?

I specialize in structuring files and resenting them to the underwriter the most strategic way possible so you can receive a mortgage commitment with minimal conditions and close in about 4 weeks.

Are you ready to get started?

Contact me, Isaac Weiser, an FHA Specialists to help you begin. I will go through each step with you and make sure you understand everything that comes your way.  I will determine whether you are a good candidate for an FHA loan and how much you can afford — all in a simple phone call!  Once you’re prequalified, you will know what price range to look in and can start searching for your home. I suggest getting a real estate agent who is familiar with the area and will do most of the searching for you and will be there to help you until you close on your new house.  I know how excited you must be to purchase a home, and I promise to do everything I can to make this experience what it should be — enjoyable! I look forward to being a part of such an important time in your life.

I can be reached at  This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it  or at 347-559-5626.

 

Posted by administrator Jan 20, 2010

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