Loans & Mortgages News Blog

Do FHA Jumbo Loans Make Sense for 1st Time New Jersey Home Buyers?

Is the phrase “ FHA Jumbo Loan ” an oxymoron?  In order to answer that question, you have to understand the history of FHA loans.  In 1965 the Department of Housing and Urban Development (HUD) was formed.  Within HUD operates the Federal Housing Administration (FHA), which has the primary responsibility for administering the government home loan insurance program. This program allows a first time home buyer who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by FHA who insures the loan for the lender.  So why would someone who has less than a perfect credit history think he/she could qualify for a jumbo loan

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FHA Jumbo Loans – Good for Bergen County and the Northern New Jersey Market

Have you heard about FHA Jumbo Loans? In 2008, the economic stimulus package was put into place.  Part of the package was to offer FHA Government Insurance on higher loan limits than in the past.  These larger FHA loans are known as FHA Jumbo Loans aka FHA Jumbo Home Mortgage Loan. FHA Jumbo Loans can be used to purchase or refinance a home in Bergen County and other high-cost areas in New Jersey.

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