Luxury Home Loans
Luxury Home Loans (Jumbo Loans)
If you work with an ordinary banker, you’ll be approved for an ordinary house… Experience extraordinary.
Luxury Home Loans are mortgage loans that exceed the “Conforming” loan limits set Federal Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac. This means that Luxury Home Loans are not eligible to be purchased guaranteed or securitized by Fannie or Freddie.
Currently the conforming loan limit is $417,000. Currently due to housing market conditions there are some “high cost” areas that the temporary loan limits exceed the conforming amount but this is a temporary situation. For the most part, most of Washington and Oregon are at the $417,000 loan limit for conforming loans.
What this means for the Jumbo market is that these loans are considered higher risk and consequently priced accordingly. The equity investment requirements for Luxury Home Loans are also stricter than conforming loans. Typically down payments start at 10% and as the loan amount/purchase price goes up so does the equity investment.
Luxury Home Loans are underwritten manually and may also require 2 appraisals for higher loan amounts to substantiate the value of the home.
Also there are different options available for these loans than the standard Fixed Rate or Adjustable Rate Mortgage. Call me to find out what is available in the current market.
The jumbo loan is a complicated product and if not handled by an experienced mortgage banker, it can lead to many problems. Not just any loan originator can and should write these loans, Make sure you look for a professional that has been in the industry for many years and that handles these loans on a regular basis, not just once or twice a year.
I have been originating Luxury Home Loans for many years and have had them myself, so I know firsthand the requirements that must be met.
Please view our Disclosures page for details.
Call Theresa Springer (MLO #70667/NMLS #70667) today at 360-798-4161 to see the difference that working with an experienced home loan professional can make for you.
Word on the Street...
"For years, my husband and I debated whether we would remodel our home or move. Our desire was to remodel, but we just didn't know where to begin. One of the biggest deterrents was the financing. We had no idea how to finance such a large project and weren't educated on the options available to us. But when we found Theresa Springer, it was like finding the key to building our dream home. Theresa clearly explained all of our options and walked us through every step of the project. Even when we were well on our way, she was available for questions and checked-in on a regular basis to make sure everything was running smoothly. Theresa was genuinely interested in and dedicated to our project and took pride in following it through to the end. Without Theresa's guidance and commitment, we may have sold our house and missed out on the beautiful home it is today. Thanks a million Theresa!" -- Amy & Paul W.
Testimonials appearing on this site are individual experiences from those who have worked with Theresa Springer. They are individual results and results may vary.