Financing in Destin>Question Details

justin, Home Buyer in Destin, FL

Quicken Loans is advertising a Jumbo FHA back mortgage option with only 3.5% down. Is that even feasible?

Asked by justin, Destin, FL Fri Jan 11, 2013

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Yes it is feasible that is the down payment required by FHA 3.5% a Jumbo FHA loan has the same requirements as a typical FHA loan as far as down payment and DTI.
1 vote Thank Flag Link Thu Jun 13, 2013
Yup, FHA loans only require a 3.5% down payment. FHA has specific loan limits though and they vary by county. Okaloosa County's is $312,500 for 1-unit properties.

https://entp.hud.gov/idapp/html/hicostlook.cfm is the searchable database on FHA loan limits.

In Florida, FHA loan limits for 1 unit properties cap out at $271,050 except for the below counties.

BAKER $387,500
BAY $396,250
BREVARD $291,250
BROWARD $423,750
CHARLOTTE $296,250
CLAY $387,500
COLLIER $531,250
DUVAL $387,500
FLAGLER $287,500
FRANKLIN $305,000
HERNANDO $292,500
HILLSBOROUGH $292,500
INDIAN RIVER $283,750
LAKE $353,750
LEE $356,250
MANATEE $442,500
MARTIN $375,000
MIAMI-DADE $423,750
MONROE $729,750
NASSAU $387,500
OKALOOSA $312,500
ORANGE $353,750
OSCEOLA $353,750
PALM BEACH $423,750
PINELLAS $292,500
SARASOTA $442,500
SEMINOLE $353,750
ST. JOHNS $387,500
ST. LUCIE $375,000
SUMTER $278,750
VOLUSIA $303,750
WALTON $362,790

FHA Jumbo loan amounts for 1-unit properties are anything above $417,000 (HI & AK are higher). There are higher limits for 2, 3 & 4 unit properties as well. Check out that link above and you can see the differences.

Shane Milne | Lending in all 50 states | NMLS #81195
1 vote Thank Flag Link Fri Jan 11, 2013
If you see, there are a few areas in Florida where the FHA loan limit is over $417k. Their advertisement is probably meant for anywhere in the U.S., not just in Okaloosa County.
Flag Fri Jan 11, 2013
Since Jumbo Loans start at 417000 there what they are advertising would be false...?
Flag Fri Jan 11, 2013
I have seen /heard those ad's. too and have been very suspicious. I don't know if they are too good to be true but I do know that if you are seriously intereted in a jumbo loan, I would stay with a local lender rather than deal with anybody outside the area or over the internet. Quicken is just a go between and somebody IE the client is paying for all the advertisements.
0 votes Thank Flag Link Sun Jan 13, 2013
LeeAnn Arrigo with Beach Community Mortgage is a great "Local" Destin Mortgage Loan Officer and she usually takes calls on her cell phone on weekends. If you contact her, please tell her Lisa Egstad sent you!


Lee Ann Arrigo
Business: (850) 315-4100
Mobile: (850) 461-1018
Business Fax: (850) 315-4102
E-mail: leeanna@beachcommunitymortgage.com
0 votes Thank Flag Link Fri Jan 11, 2013
Hi Justin, You should speak to a lender in your area about this.
0 votes Thank Flag Link Fri Jan 11, 2013
Best to go with a local lender than an Internet site. That face to face time means so much in getting the facts right. Best lender I have is Debbie.Parmer@Regions.com Email her your question. It will also depend on the type of property and your credit score.
0 votes Thank Flag Link Fri Jan 11, 2013
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