Jumbo Mortgages

Jumbo mortgages, or jumbo loans, are home loans larger than the limits on conforming loans set by Fannie Mae and Freddie Mac in your county. Also called non-conforming mortgages, jumbo loans are considered riskier for lenders because these loans aren’t guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a  borrower defaults on the mortgages. Jumbo mortgages are extremely difficult to qualify for, especially if you’re a first-time homebuyer. Jumbo guidelines and regulations are much tighter than any other loan program. They may require 6-12 months (or more) in reserves, require a minimum of 3 open trade lines with 2 years of maturity or more, a verified good credit score, 15-20% minimum down payment, and more. To learn more about this program, call Taras Duhnevich, Home Loan Mortgage Advisor in the Kirkland, WA area. Our Russian speaking loan officer will see if you qualify.