There is no denying that Seattle, Bellevue, and other Washington housing markets are competitive. That's why you need a competitive home loan to keep your rates affordable. Many customers shopping for mortgages in Washington are looking for conventional financing.
A conventional home loan is also called a "conforming" home loan. This is because it conforms to the conventional loan limits set and guaranteed by Fannie Mae and Freddie Mac. If you need a higher loan which surpasses those limits, you will have to apply for a jumbo loan.
Fannie Mae and Freddie Mac set the conventional loan limits by county. To find out the loan limits where you wish to purchase a home, you need to look up the limits for that county.
Seattle and Bellevue are both located in King County. Here are the Bellevue and Seattle loan limits for 2019:
These are significantly higher loan limits than those in many other areas around the country. This is to accommodate the higher housing costs in the local real estate market.
To be eligible for a conventional loan in Bellevue, Seattle, or any other Washington location, you must meet these criteria:
While it is in your best interest to wait to apply for a conventional mortgage until your credit score and debt-to-income ratio are ideal, competitive rates and terms exist for customers with a wide range of financial situations.
Blue Square Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.