Jumbo Loans in Seattle

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.

Get Pre-Approved Today!

What is a Jumbo Loan?

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:

One unit:
$726,525

Two unit:
$930,300

Three unit:
$1,124,475

Four unit:
$1,397,400

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.

Do You Qualify for a Jumbo Loan in Seattle or Bellevue?

Applying for a jumbo loan is a similar process to applying for conventional loan. There are a few differences:

  • You may need to get the property you wish to purchase appraised twice.
  • A higher credit score and lower debt-to-income ratio may be required.
  • You will have to be prepared for a higher down payment, typically anywhere from 10% to 30%.
  • You will need to demonstrate that you have significant cash reserves, usually anywhere from six months to one year.

We Can Connect You With a Competitive Jumbo Mortgage Loan in Washington

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.

Get Pre-Approved Today!