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It seems as if more people are taking advantage of the recent dip in housing prices and “moving up” into a home they would like to stay in for many years to come.  And when it comes to financing that home, more and more people we talk with seem to be at least considering financing it with an FHA jumbo loan.

Depending on where you live in the country, FHA will finance up to $729,000 with just 3.5% down.

The Arizona FHA Jumbo Loan is a great product and may not be around forever – it was created by HUD when the housing crisis hit and it could been taken away anytime.

So if you are shopping for a higher end home and thinking about financing it with a jumbo loan, the jumbo FHA loan may be the right program for your situation.

Rates are at the lows of 2010. Not to mention, the price drop on homes over $500,000 is tremendous throughout Arizona. There are fantastic deals for homes out there for this market.

FHA Jumbo Basic Guidelines:

• Up to $729,000 financed. (based on the county loan limits published by HUD)
• 660 FICO score required.
• 3.5% down payment.
• 30 year fixed rates around 5%

This is a great loan for move up buyers who may be upside down your existing home. You can rent out your existing house and take advantage of the new lower home prices.

Lastly — and sometimes most important, at Academy Mortgage, we can close your FHA jumbo in just 10 days!