Some potential home buyers think it is not possible to get a jumbo mortgage in today’s market. Not True! Investors have returned to the home loan arena and have an appetite for jumbo home loans.
With Fannie Mae and Freddie Mac gobbling up all of the conforming loans that can be passed through, investors are looking for a place to put their money and jumbo loans are fitting that bill.
Exceptional rates for jumbo loans are just as available as they are for conventional loans and government loans.
Yes, jumbo loans do require a substantial down payment, 20% up to a $1,000,000 but the loans are there. Also, for the veteran, VA offers jumbo loans with minimal down payments. It is kind of a complicated formula, but it works out to as little as 5% or more down, depending on the purchase price.
Here is a link to a really good article about the jumbo market .
Conventional loan limit for most of Washington is $417,000. Exceptions to this limit are Snohomish, San Juan, King, and Pierce Counties where the limit is slightly higher.
So, if you find that ideal $1.2 million home and have $240,000 for the down payment, the loan could be available for you at a great interest rate. Call your mortgage advisor today and see what can be done for your.
About the author: Fred Chamberlin is a senior loan officer with Guild Mortgage Company in Oak Harbor. He has been in the mortgage origination business for over 20 years and in the lending business for over 30 and authors a number of mortgage related blogs.