Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans.
Jumbo Loan Mortgage Rates & Requirements in Seattle, Bellevue and the Entire State of Washington
As the population of Washington state and the surrounding local communities continues to grow, the cost of real estate grows too. For families seeking larger homes, conventional loans usually don’t cover the total value of the property. You may qualify for a jumbo home loan if you have your eyes on a high-valued property in Seattle, Bellevue, Issaquah and the entire state of Washington.
FAQ – Jumbo Loans
Need a jumbo mortgage loan? Do you want to know how Washington’s jumbo mortgages are defined? What are the requirements for a jumbo loan in Washington, Seattle, Bellevue, Issaquah, etc? How do you get started when applying for your own home loan in these locations? The answers to these questions and many more are stated below.
Jumbo Loan Requirements
Jumbo mortgages are usually larger sized home loans. People who are entitled to these kinds of loans in Seattle, Bellevue and the entire Washington boast of strong credit scores. With jumbo loans, there’s no need for private mortgage insurance, in the case of high-valued property and it invariably add thousands of dollars to the overall cost of the home. A down payment of 20% of the home’s value or more is required by the borrowers.
Let’s help you Secure a Jumbo Loan
Are you ready to take the next step to achieve your goal? You can start right away by filling out our short application form. Give us a call and we will be glad to guide you through the process of a jumbo home loan. We want to set our clients on the right path to home ownership and we will ensure we work with you to meet all your needs and requirements.