Jumbo Loans: The Right Financing for Your Big Dream
When it comes to finding a mortgage that works for your goals, you need a mortgage professional who offers personalized care. The Blue Square Mortgage team has helped hundreds of clients find unique home financing options, one of which is jumbo mortgage. A jumbo mortgage, also known as a jumbo loan, may be the right fit for you if you seek to purchase a home that exceeds lending limits that exist for conforming mortgages. We work with numerous private lenders to offer flexible terms for clients with all types of financial backgrounds. If you are interested in a jumbo loan for home purchase in Sammamish, Issaquah, or surrounding communities, contact Blue Square Mortgage LLC for a complimentary consultation today.
About Jumbo Mortgage
Jumbo loans are one type of conventional loan. That is, they are not insured through the federal government, as are loans provided through the U.S. Department of Housing and Urban Development. Unlike government-backed loans such as FHA and USDA loans, conventional loans are fully funded and insured through private lenders. While HUD-insured loans do have some benefits for clients with less-than-perfect credit history who are unable to make a large down payment, they are not available for loans that exceed a certain amount.
A non-conforming jumbo loan is so called because it exceeds the maximum conforming limits set by mortgage giants Fannie Mae and Freddie Mac. The lending limit, for example, for a single-unit home loan that is “conforming,” is $424,100 in our area. Fannie Mae and Freddie Mac purchase mortgage loans in bulk through smaller, private lenders, and secure them for purchase by investors. Conforming loans are safe, but are simply unavailable for loans exceeding certain price limits, as set forth through Fannie Mae and Freddie Mac. Limiting loans to a certain conforming amounts and setting certain qualifying requirements helps protect lenders against borrowers who default on loans with high value.
Jumbo Loan Eligibility
It is important to note that jumbo mortgages are not for everyone. They require a high down payment, usually in the 20-30% range, and they are only available to clients with good to excellent credit scores. Jumbo mortgages are a great option for clients who can afford larger monthly mortgage payments who have good credit and payment history. We can connect you with home financing for virtually any price range.
Before you are approved for one of our jumbo loans, we will guide you through the approval process and carefully explain your mortgage choices regarding term length, monthly payments and more.
A Jumbo Loan for a Giant Dream
If you are looking for a home in Sammamish, Issaquah, or surrounding areas, contact Blue Square Mortgage LLC. We offer many mortgage options, and our professionals are here to help you connect with the best choice for your family’s needs. Contact us for a complimentary discussion about a jumbo loan today.