FHA Jumbo:
After years of low loan limits, HUD finally increased the FHA loan limits. In high cost areas, FHA mortgage limitations have been raised to jumbo status. FHA Jumbo loan limits have been raised to $729,500 in certain areas.
With foreclosures and loan defaults spinning out of control, HUD’s goal was to reach out to more homeowners with added value mortgages that encouraged fair lending for all credit types. Perhaps you didn't qualify for a FHA mortgage last year, that doesn't mean that you won't qualify for a FHA jumbo mortgage after the loan limits were increased.
More discussions continue about expanding the role of FHA so that they could help more homeowners recover from property value reduction and high rate ARM’s.
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Conventional Loan