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A Jumbo Mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises, Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender. In King County in WA State for 2019 the conforming loan limit is $726,525 because it’s considered a “high cost” area, otherwise the conforming limit is anything lower than $484,350. 

Typically the interest rates for Jumbo mortgage loans are higher because it’s a higher risk to the lender.  If a Jumbo mortgage loan were to default, it may be harder to sell making it more vulnerable to market highs and lows.  That is the reason Jumbo loans have a higher down payment and a more stringent credit score requirement.  Here at Fairway we have the ability to work with several different investors or lenders for Jumbo loan options, which is a benefit because we’re more likely to be able to find the right loan for you.  However, that also means that there’s different underwriting requirement with each of the different options available.  We review the file for completion prior to submitting it to the investor, then they review it and most likely come back with more questions or requesting additional documentation.  There are other solutions because it’s never a one size fits all scenario, it might make sense to do a form of an 80/10/10.  I will just ask for your patience and understanding in the process as we review all options to make sure we’re putting you in the best loan program for you and your family.