If you are considering conventional loans or jumbo loans, you have come to the right place. Since 1992, family-owned, referral-based Sammamish Mortgage has been serving the Pacific Northwest by building long-standing business relationships on the foundation of trust, integrity, and excellent business practices. Serving the states of Washington and Oregon, including Sammamish, Redmond, Issaquah, Sammamish Mortgage can handle all of your loan, mortgage and refinance needs.

Conventional Loans

Government-sponsored entities (GSE) such as Fannie Mae and Freddie Mac secure conventional loans and those loans can be made to purchase or refinance homes with first and second mortgages.  The homes can be anywhere from single-family to four-family homes. The GSE’s single family, first mortgage loan limit is reviewed each year and if necessary, adjusted to reflect changes in the national average price for single family homes in the United States. The limits below apply to all conventional mortgages delivered after January 1, 2011.

As authorized by Congress and signed into law by the White House, the official 2011 conforming first mortgage loan size limits are, by property type:

 

• 1-unit properties : $417,000
• 2-unit properties : $533,850
• 3-unit properties : $645,300
• 4-unit properties : $801,950

 

Maximum original loan values are 50% more for first mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands.

source:  http://themortgagereports.com/3398/2011-conforming-loan-limits

 

Second Mortgages

• $208,500 ($312,750 in Alaska Hawaii, Guam and the U.S. Virgin Islands)

Jumbo Loans

Loans that are larger than the limits set by GSE’s are called jumbo loans, and because they are not funded by GSE’s, they usually carry a higher interest rate and additional underwriting requirements.

Fannie Mae and Freddie Mac also offer loan programs for low to no down payments; community lending and affordable housing initiatives; construction to permanent; home improvement; and reverse mortgages in addition to common loan structures such as fixed rate, adjustable rate, and balloon loans.

Please contact Sammamish Mortgage - today to learn more about the Seattle jumbo loans and conventional loans which would be best for your financial needs.