We are starting to see more and more people willing to "step up" and finance more than the typical FHA loan - they are called FHA jumbo loans.
Depending on where you live, currently FHA will allow you to finance up to $729,000 with just 3.5% down? This product was part of the legislation passed by congress and chances are that it won't be around forever. It was a special program that was created by HUD and it could go away at any time.
So if you are shopping for a house in a market where FHA jumbo loans are allowed, be sure to ask your loan officer if this is an option that is available for you. Many people that I talk to are finding that the price declines in areas like California, Arizona, Nevada and Florida for homes over $500,000 have been much steeper than those homes that are priced under $250,000.
That million dollar home in 2006? Chances are that it is now selling for $500,000 and can qualify for a FHA jumbo loan.
Basic FHA jumbo loan guidelines include: