If you are purchasing a home in Seattle, Bellevue, or anywhere in Washington, you know that home prices here are high and rising. While this means that it is extra important to shop for a competitive mortgage, it also means that purchasing a home in this area can make for an excellent investment.
Depending on the value of the home you want to purchase, you might need to use a jumbo loan rather than a conventional loan to do so.
A jumbo loan is what you need if you require financing that exceeds the limits for conventional (conforming) loans as determined and guaranteed by Fannie Mae and Freddie Mac. The loans vary by county and have been raised in 2019.
Here are the current conventional loan limits for Bellevue and Seattle:
As of the time of this writing, Zillow lists the average home value for Seattle as $728,300. You can see that this is quite close to the conventional loan limit for a single unit. So while many homes in the area can be purchased with conventional financing, quite a few require a jumbo loan.
Applying for a jumbo loan is a similar process to applying for conventional loan. There are a few differences:
While qualifying for a jumbo loan may carry stricter requirements then qualifying for a conventional loan, many customers are surprised to learn that interest rates for jumbo financing can be just as competitive as those for conventional loans.
At Blue Square Mortgage, we can bring you those competitive rates and help you apply quickly and successfully for a jumbo loan anywhere in Washington. To get started with your application, please call (206) 352-6453. We look forward to connecting you with the jumbo loan that will help you purchase your dream property.
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.