VanDyk Mortgage Allows FHA Jumbo (aka FHA High Balance) Cash Out Refinances with Fico scores as low as 620. These are available up to your County FHA Loan Limits Most lenders require a 660 Fico for a FHA Jumbo Refinance. We allow FHA Jumbos with Ficos below 660 down to 620.
One of the major benefits of a FHA refinance is that it allows you to combine your First and Second Mortgage without the penalties that Fannie Mae and Freddie Mac rules require. Fannie & Freddie will consider the inclusion of a second mortgage to be a cash out transaction. On Loan amounts higher than $417,000, Fannie & freddie will limit your maximum loan to 65% of your homes value. (65% LTV). The FHA Jumbo Option can fill the void. Without increases in rate or fees due to the payoff of the second mortgage, The FHA Jumbo Refinance Option can combine your mortgages into one fixed rate loan.
Some examples of County loan limits for FHA Jumbo Loans are Washington Counties King, Snohomish, and Pierce, at $567,500. This includes the cities of Seattle, Kirkland, Bellevue, Issaquah, Redmond, Woodinville, Bothell, Shoreline, Edmonds, Lynnwood, Snohomish, Everett, Marysville, Lake Stevens, Mill Creek, Auburn, Kent, Federal Way, Renton, Puyallup, Tacoma, Fife, and Monroe.
Many counties and Cities in California allow FHA Jumbo Loans up to $729,750, including Los Angeles, Orange, Ventura, San Francisco, Santa Clara, Alameda, Contra Costa, Marin, Santa Cruz, and San Matro. This includes the cities of Los Angeles, Santa Monica, Long Beach, Brea, Pasadena, Ventura, Oxnard, Irvine, Huntington Beach, Costa Mesa, Anaheim, Orange, Laguna Hills, Yorba Linda, Torrance, San Jose, Oakland, Fremont, and many more.
Call the FHA Loan Pros at VanDyk Mortgage today at 760-752-4480 or visit us online at VanDykFunding.com to get started online.