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...
"Theresa sat down with us and helped us clean up our credit, showed us what we couldn't see, and over the course of a year we were able to purchase our first home. Not only was she helpful up front, but Theresa made the entire process painless. Her help and personal attention was priceless. Just recently, when rates were dropping Theresa contacted us and helped us through a refinance. Thanks for helping us with everything! Theresa will be hearing from us soon on our next home purchase!" -- Corey & Bob
Testimonials appearing on this site are individual experiences from those who have worked with Theresa Springer. They are individual results and results may vary.