California FHA Jumbo Loans
All over California, people are hearing about the FHA jumbo loan program – and if you are in the market for a home that is above conforming loan limits, you are probably exploring your options when it comes to jumbo loans.
And once they find out that they can close their FHA jumbo loan in ten days… well, sometimes it just makes more sense to go with the FHA jumbo loan program.
Depending on where you live in the country, currently FHA will allow you to finance up to $729,000 with just 3.5% down – and the low downpayment is just part of it. The FHA jumbo loan also carries a lower-than-other-jumbo loans interest rate.
Low interest rates and low down payments for a jumbo loan?
Yes.
The reason for this special jumbo loan program is that it was part of the legislation passed by congress recently and chances are that it won’t be around forever. It was a special program that was created by HUD and it could go away at any time.
So if you are considering other jumbo loan options, ask your loan officer what your FHA jumbo loan options are – you might be surprised to see how easy it can be to get an FHA jumbo loan.
That house that was well over a million dollars in 2006? Now it might be just $550,000 and perfect for FHA jumbo mortgage financing.
California FHA Jumbo Loan Highlights:
- Up to $729,000 financed. (based on the county loan limits published by HUD)
- 660 FICO score required.
- 3.5% down payment.
- 30 year fixed rates around 5%
If you work with an FHA lender who knows what they are doing… they can close your FHA jumbo loan in 10 days (or less) so if you are on a tight timeframe, be sure to work with a lender who can close your FHA jumbo loan in 10 days.
And if the FHA jumbo program goes away before you can get qualified and close your FHA jumbo loan?
Don’t say we didn’t warn you.
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