If a home buyer wants to obtain a loan which is larger than the conforming loan limit, then that buyer will need to obtain a “jumbo loan.” If you find a home which requires a larger-than-average loan size, then you may need a jumbo loan. A jumbo loan can help you finance the home of your dreams. Some mortgage companies are not able to offer jumbo loans, but at Sammamish Mortgage we offer jumbo and super jumbo mortgage loans at competitive interest rates. Contact us today to obtain a rate quote on a jumbo loan so that you can get prepared to finance your new home!
Qualifying for a Jumbo Home Loan
Credit Score: Lenders may require your FICO score to be higher than 700, and sometimes as high as 720, to qualify for a jumbo loan.
Debt-to-income ratio: Lenders will also consider your debt-to-income ratio (DTI) to ensure you don’t become over-leveraged, though they may be more flexible if you have plentiful cash reserves. Some
Cash Reserves: You’re more likely to be approved for a jumbo loan if you have ample cash in the bank. It’s not uncommon for lenders to ask jumbo loan borrowers to show they have enough cash reserves to cover one year of mortgage payments.
Documentation: To prove your financial health, you’ll need extensive documentation, perhaps more than for a conforming loan. You should be prepared to hand over your full tax returns, W-2s and 1099s when applying, in addition to bank statements and information on any investment accounts.
Appraisals: Some lenders may require a second appraisal of the home you’re planning to purchase.
The Mortgage Professionals at Sammamish Mortgage Can Help
Family-owned since 1992, Sammamish Mortgage is a Bellevue, WA based mortgage company which proudly serves customers seeking homes in the Pacific Northwest. The mortgage acquisition and home buying processes can often be overwhelming for home buyers, especially first time home buyers. The team of mortgage professionals at Sammamish Mortgage can help simplify these processes and make them as smooth and hassle-free as possible. Our mortgage professionals can step in and function as your mortgage broker and guide you step-by-step as you go about purchasing your new home. Our new online application systems allows you to apply for a mortgage loan entirely using your mobile device! With our new mobile-friendly application system, you can select your desired product, get a rate quote, and even upload your application documents. Get in touch with one of our lending professionals today to learn more!
Thanks for choosing Sammamish Mortgage as your Trusted Mortgage Company!
A+ Rating with Better Business Bureau
Standards like this have helped Sammamish Mortgage maintain an A+ rating with the Better Business Bureau and has placed several of its loan officers rate in the top 1% for mortgage originators in America.
A lot of mortgage companies don’t value the same things as their borrowers, but Sammamish does:
Our closing costs are binding, which means that what we quote you is what you will pay; there are no surprises at closing!
We offer multiple rate options for each product, and we don’t wrap up additional costs in your interest rate.
Filling out a loan application is free and never obligates you to work with Sammamish Mortgage.
Our hybrid online and full-service system lets you choose your loan process without forcing you into one method that works best for us, as many mortgage companies do.
Who is Sammamish Mortgage?
We proudly serve customers in the Pacific Northwest region. We serve WA, ID, OR and CO. If you’re looking to buy a home in one of these states, we can help!
Great company to work with! I worked with them a couple of times for my mortgage refinancing needs and they always made sure it went as quickly and as smoothly as possible.
October 20, 2021
Super helpful, wonderful experience this is my 4th time using your services and I wouldnt dream of going elsewhere!
October 20, 2021
My 3rd refinancing experience with your company was as positive as the previous ones. Thanks to Trevor and the team for responding to all questions in detail and making this go as smooth as possible.
October 16, 2021
Good experience hope I was able to make it easy
October 14, 2021
It was excellent. Steve and Karen mad the process very quick and easy.
October 9, 2021
It is never fun to read and review a bunch of long documents, but Sammamish mortgage did all they could to make it as easy as possible.
October 7, 2021
Everything was streamlined from start to finish. My questions were answered clearly and quickly, especially by Steve. Paperwork was limited to "necessary" which kept my involvement in the actual process down to a minimum, and that was greatly appreciated.
This was my second refi with Sammamish Mortgage and this experience was far better than the first time around. Thank you.