FHA Jumbo Mortgage
First of all, If you’re looking to buy in a high cost market like Fairfield Country but don’t have the 20% down payment generally required for a conventional mortgage, an FHA Jumbo Mortgage may be what you’re looking for. An FHA loan is insured by the Federal Housing Administration and is popular with first time homebuyers as they allow borrowers to finance homes with down payments as low as 3.5%. Consequently, current homeowners (with an FHA Mortgage) can also qualify for a streamline (no appraisal) refinance.
Some of the benefits of FHA Jumbo Loans include:
- Most noteworthy is the low down payment requirement – 3.5%.
- More flexible credit guidelines than conventional loans.
- Ability to combine a first and second mortgage into one FHA jumbo loan with no penalties for cash out.
- Affordable mortgage insurance through FHA as opposed to private mortgage insurance.
- There are also refinance options that conventional loans do not offer, such as low equity.
- Furthermore, this program allows for high loan amounts.
FHA Jumbo Mortgage Amount Limits:
- Single-family home: $601,450
- Two-family Home: $769,950
- Three-Family Home: $930,700
- Four-Family Home: $1,156,650
For those borrowers looking to buy into one of the most expensive housing markets in the country, the FHA jumbo loan is just what you need to get into the home of your dreams. Northeast Financial is here to guide you through the process of finding the best option for you. Give me a call today to get started or click here to start the pre-approval process
Kristina L. Refsbeck