Jumbo Loans are used for borrowers that need financing above the conforming loan limits for the county they wish to obtain financing. There are many different options depending on each unique scenario. Give us a call to discuss your needs for any Jumbo loans or other lending needs in Bonney Lake, Graham, Sumner, Spanaway, and Tacoma. Call us now at 253-840-5600.
About Jumbo Loans
Our common-sense approach and flexible loan options help to provide a streamline process in obtaining your jumbo loan. We can work with business owners and self-employed borrowers. We have programs that can use 12 months of bank statements or tax returns to get a better understanding of complex cash-flow challenges. Also, there are options to use Asset Income for high net worth individuals using their assets to help qualify them for the jumbo loan. Generally Jumbo loans will require 10% down or more. Jumbo loans can be used to buy Primary Residence, Second homes and Investment properties. The down payments for different types of properties can vary. Also the down payment can vary depending on loan size. Normally loan amounts over a million dollars will require higher down payments and lower LTV(Loan to Value).
What loan amount will require a Jumbo Loan?
In Ada County a loan amount above the county limit for conforming which is $453,100 would be a Jumbo loan. Not all counties are like this for example Blaine County has a conforming limit of $679,650 for a single-family residence. Anything above that amount in Blaine County would be a Jumbo loan. It is always good to verify the loan limits when you are shopping for a mortgage once you know what County you will be purchasing or refinancing your home.
If you are interested in a Jumbo Loan in Bonney Lake, Graham, Sumner, Spanaway, Tacoma or other parts of the US give the Northwest Mortgage Team a call now at 253-840-5600.