FHA Jumbo Loan in Arizona: A Good Option
There is more than one person right now who is frustrated with how difficult it can be to get financing for jumbo loans in today’s market.
Some lenders are doing them but have high down payment requirements and/or pristine credit score requirements – and the truth is that many lenders are not even doing jumbo loans at all.
But there is a program that may make sense to look more into if you are in the market for jumbo financing – the FHA jumbo loan program.
- Get It While You Can
- Who Is It For?
- Some Highlights
Get It While You Can
It is somewhat new – and it is even possible that it won’t be around very long. Â The FHAÂ jumbo loan program is that it was part of the legislation passed which was created by HUD. It is actually at risk of going away at any time.
Who Is It For?
But while it is available, the FHA jumbo loan program is great for people who are in the market for jumbo financing — the rates are low and depending on where you live in the country, FHA will allow you to finance up to $729,000 with just 3.5% down.
So for all of those houses that only a few years ago were $1m + and are now $500k? They might be a perfect candidate for FHA jumbo loans.
Some Highlights
FHA Jumbo Loan Guidelines (The 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%
Heck, there are even lenders who can get your FHA jumbo loan closed in ten days.
Before It’s Too Late
So if you are one of those people who have been frustrated by the process of getting “regular” jumbo loan financing, you might want to ask your loan officer about the FHA jumbo loan financing options and whether or not it is right for your situation.
Before it is too late and the program goes away!