The housing boom a few years ago really drove up home prices and the need for super jumbo loans became evident. FHA jumbo loans have become quite popular in states like California, Florida, Virginia, Maryland, DC and Connecticut. Any Over the last few years, HUD has become more accommodating to borrowers in high cost regions who need mortgages that exceed the FHA loan limits. In most cases, getting approved to refinance FHA loans is not as difficult has non-conforming loans that most traditional lenders are offering.
What is a Super Jumbo Loan? Mortgage professionals consider any loan amount over $650,000 to be a super jumbo. They also consider any loan insured by the Federal Housing Administration that is greater than $417,000 to be a FHA super jumbo.
What to Expect – Many homeowners have found that jumbo mortgage refinance programs are not as accessible as they were just a few years ago. The reality is that the secondary mortgage market has strayed away from jumbo lending and private money sources have tightened their requirements significantly. These non-conforming loans typically are offered at a higher interest rate and more equity is sometimes needed for FHA refinancing.
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