FHA Jumbo Purchase And Refinance Available

New American Mortgage is now offering FHA Jumbo Purchase and Refinance Mortgages to our product line.  Here is a brief outline of the basic guidelines.

Purchase and Rate/Term Refinance

• 660 Minimum Fico ( all borrowers)
• Max DTI: 31/43 %
• 2 Appraisals required for purchase transactions, regardless of LTV
• Gift funds are not permitted, however, gifts of equity from family members only are acceptable for LTV’s under 80%
• Max LTV of 94.99% for purchase and rate/term refinance

Cash Out Refinance

• 680 Minimum FICO ( all borrowers)
• Maximum cash-out is limited to $100,000 or the lesser of 20% of the loan amount
• The borrower may not have any other financed properties other than the subject property
• 2 Appraisals required for cash-out transactions, regardless of LTV
• Max DTI: 31/43%
• Max LTV of 85% for cash out refinance

For more information on qualifying for a FHA Jumbo mortgage please contact us today!

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