FHA Jumbo Loan Limits Florida

FHA Jumbo Loan Limits Florida

A jumbo loan is a mortgage that exceeds the mortgage loan limits that are not covered by Fannie Mae and Freddie Mac. Since these two agencies purchase the majority of residential mortgages from lenders and banks in the United States, they set the parameters in regard to how much money can be borrowed through a mortgage loan. Any mortgage loan amount above these parameters is considered to be a jumbo loan. Loans over the $417,000 limit set for conventional loans are considered jumbo loans.

The Housing and Economic Recovery Act of 2008 (HERA), provides that the mortgage limit for any given area be set at 115% of the median house price in that area, as determined by the Department of Housing and Urban Development. The FHA mortgage limit in counties determined by HUD to be “high-cost areas” cannot exceed 150% of the national loan limit.

FHA requires a minimum down payment of 3.5% and a minimum credit score of 660. Qualifying ratios are 31% / 43%, unless there are significant compensating factors. The minimum down payment must come from borrower’s own funds. Gift funds may be used for additional down payment and/or closing costs/prepaids. FHA allows up to 6% seller concession for closing cost.

FHA jumbo rates in Florida hit new lows for 30 year fixed rate up to $729,750. FHA jumbo loan limits Florida.

  • Broward $423,750
  • Collier $531,250
  • Manatee $442,500
  • Miami-Dade $423,750
  • Monroe $729,750
  • Palm Beach $423,750
  • Sarasota $442,500

What documentation will I need?

  • Personal tax returns for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Latest retirement statement for each active account (all pages)
  • Sales contract (purchase)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)
  • Addresses and loan information of other real estate owned (if any)

Today's FHA Jumbo Rates

Call us 888.958.5382

Apply Now

Call us 888-958-5382


www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


We look forward to working with you.

LOGO
Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. FHA Loans

    Dec 04, 23 06:59 PM

    FHA Loans
    FHA loans

    Read More

  2. FHA After Foreclosure

    Dec 04, 23 06:58 PM

    Foreclosure
    FHA after foreclosure. At least three years must have elapsed since the foreclosure has been resolved. In order to qualify for an FHA loan you must have re-established credit and have a minimum 500 cr…

    Read More

  3. VA Application Online Apply For A VA Loan Online Application

    Dec 04, 23 06:57 PM

    VA application. No money down 100% financing. VA application 500 minimum qualifying credit score. No credit scores are allowed. Owner occupied properties only. Lowest representative score.

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png