Jumbo and Super Jumbo Loans in
Washington and Idaho
Jumbo and super jumbo loans are designed for larger financing scenarios that fall outside standard conforming loan limits.
What Is a Jumbo Loan?
A jumbo loan is a mortgage for a loan amount that exceeds applicable conforming loan limits.
Because these mortgages fall outside standard conforming guidelines, qualification requirements can differ from conventional conforming loans. Lenders may consider factors such as income, assets, credit, reserves, down payment or equity, property type, and the requested loan amount.
Requirements vary by lender and program. I can help you review the details and explain what may be available for your transaction.
What Is a Super Jumbo Loan?
Super jumbo is a term commonly used for particularly large mortgage amounts beyond typical jumbo financing.
There isn’t one universal loan amount that defines every super jumbo mortgage. The terminology, available loan amounts, and qualification requirements can vary among lenders and programs.
Rather than focusing on the label alone, we can look at your financing needs and determine which available programs may fit.
Strategic Perspective
Why Consider Jumbo Financing?
Jumbo financing can be useful when the mortgage amount needed for a property exceeds applicable conforming limits.
These loans are often associated with higher-value homes, but the need for jumbo financing ultimately depends on the loan amount and applicable limits rather than whether a property is considered “luxury.”
Jumbo mortgages may also involve different documentation, reserve, credit, and equity requirements than conforming loans. Discussing financing early can give you a clearer idea of what may be required before you move too far into the purchase process.
Common Questions
Frequently Asked Questions
What makes a mortgage a jumbo loan?
A mortgage is generally considered jumbo when the loan amount exceeds the applicable conforming loan limit. These limits can vary based on location and may change over time.
What is the difference between a jumbo and super jumbo loan?
Jumbo loans exceed applicable conforming limits, while “super jumbo” is commonly used to describe particularly large mortgage amounts. There is no single universal threshold for every super jumbo program, and definitions can vary by lender.
Are jumbo loans harder to qualify for?
Jumbo loans may have different or more extensive qualification requirements than conforming mortgages. Credit, income, assets, reserves, equity or down payment, property details, and loan amount may all be considered.
Can jumbo loans be used for refinancing?
Jumbo financing may be available for qualifying refinance transactions as well as purchases. Available options depend on the property, current mortgage, requested loan amount, borrower qualifications, and lender requirements.
Buying or Refinancing a Higher-Value Property
Jumbo and super jumbo financing may be available for qualifying purchases and refinances.
If you’re purchasing, we can discuss the financing you need and the factors that may affect qualification. If you already own the property, we can review your current mortgage and refinancing goals.
Larger loans can involve additional considerations, so it helps to review the financing early and know what to expect.
Let’s Talk About Your Financing Needs
If you’re considering a larger mortgage, tell me what you’re looking to finance and what you want to accomplish. We can talk through the scenario and discuss what options may be available.