What Is an FHA Jumbo Home Loan Mortgage?
When someone applies for a conventional mortgage loan, there are limits to the price of the home they can borrow; it they are looking at a property that costs more than that amount that has been set by the government, they need to look into a jumbo mortgage. For those who have looked into FHA home loan mortgages, until 2008 the most that they could borrow was the loan limit for a given area. However, with the Economic Stimulus Act of 2008, the government acknowledged that, in many areas, home prices were higher. Because of this, and because the sales of existing homes was coming to a screeching halt, an FHA jumbo home loan mortgage was made available. Now, thanks to the Economic Stimulus Act of 2008, it is possible for buyers in many markets to apply for and secure an FHA jumbo home loan mortgage, a larger loan that stretches far beyond the reaches of a traditional FHA mortgages. The reason that an FHA jumbo home loan mortgage was made available to some borrowers is simple: an FHA jumb
