Finance Your Dream Home with a Jumbo Loan

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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

  1. 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.
  2. 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
  3. 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.
  4. 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.
  5. 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!

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