Capital Home Mortgage Spokane

Spokane Jumbo Home Loans

Jumbo Mortgage Lender Spokane Washington

Jumbo Home Loans In Spokane Washington

What is a Jumbo Mortgage?

When a mortgage exceeds these conventional conforming loan limits, it is known as a jumbo mortgage. Typically, these are used to finance pricier properties, such as prestige residences or properties in highly competitive local real estate markets. Additionally, they can be used for investment properties and vacation residences.

A jumbo mortgage is a non-conforming loan that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits. These conforming loan limits represent the maximum loan amounts that Fannie Mae and Freddie Mac, two U.S. government-sponsored enterprises, will purchase from a lender. Spokane’s limit for a single-family home in 2023 is $726,200, but it may be higher in specific expensive markets.

Key Features of a Jumbo Loan

Jumbo loans can offer flexibility to borrowers who need to borrow larger amounts, but they come with stricter requirements due to the higher level of risk assumed by lenders.

Here are the key features of a Spokane Jumbo Loan:

  • Loan Amount

Jumbo loans cover loan amounts that exceed the norm. The size of a jumbo loan varies by geographic location, but as of 2023, it can be as high as $5 million or more in most of the United States.

  • Stricter Requirements

The underwriting standards for jumbo loans are more stringent, requiring higher credit scores, income/assets, and a larger down payment. To qualify for a jumbo loan, your FICO score may need to be at least 700, sometimes as high as 720 – 740.

  • Property Types

Jumbo loans can be used to finance a wide range of properties, including principal residences, vacation homes, and investment properties.

  • Down Payment

Jumbo loans often require a considerably larger down payment than conforming loans. Lenders usually ask 20% down on jumbo loans for single-family homes and maybe more for second homes and multifamily units.

  • Debt-to-Income (DTI) Ratio

Lenders will also examine your debt-to-income ratio (DTI) to ensure you’re well-versed. They may be more flexible with this percentage than with conforming loans.

  • Interest Rates

Jumbo loan interest rates can differ and usually are higher than conforming mortgage interest rates. However, under some conditions, these rates can be competitive.

  • Loan Terms

Jumbo loans, like conventional mortgages, include a choice of terms and repayment schedules, and they can be fixed-rate or adjustable-rate loans.

  • Reserves

Actual reserve requirements depend on the lender’s policies, the borrower’s creditworthiness, the loan amount, and other variables. A typical lender requires a reserve of six to twelve months for a jumbo loan.

Apply for a Jumbo Loan in Spokane

Capital Home Mortgage offers Spokane homebuyers access to jumbo loans, which are advantageous for purchasing high-priced properties in Spokane, a city with a growing real estate market. In excess of the conventional loan limit, jumbo loans are designed for those seeking luxury residences or properties with a high value. In contrast to smaller conforming loans, which may need to be divided, jumbo loans can be consolidated into a single mortgage, simplifying financial management. Using Capital Home Mortgage for a jumbo loan can provide Spokane home buyers with increased purchasing power, financial flexibility, and convenience during home-buying.

Call us today at (253) 528-4417 to speak with one of our Spokane Jumbo Loan Specialists.

Why Spokane HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Spokane Washington Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Spokane Jumbo Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines
Spokane Mortgage Programs

Spokane Home Purchase loans

Looking to Purchase a Spokane Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.
  • Primary, 2nd Home, Investment
  • Low Rates & Fees, No fee Options
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo & Renovation
  • Manufactured, Construction, Reverse

Spokane Renovation Home Loans

Looking to Rehab a Spokane Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
  • Remodel, Renovate or Repairs
  • FHA 203K Streamline 
  • FHA Full Documentation Rehab
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

Spokane FHA Home loans

Great 1st Time Spokane Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.
  • Smaller Down Payments
  • Flexible Underwriting Guidelines
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Down Payment Gifts Allowed

Spokane va Home Loans

100% Financing for Spokane Vets

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
  • No Mortgage Loan Limits
  • Simple Qualifying
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Manual Underwriting Allowed

Spokane Conventional Home Loans

Flexibility for Spokane Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a loan officer.
  • Primary, 2nd Home, Investment Properties
  • Single and Multi-Family Properties
  • Variable Mortgage Insurance Options
  • Low Rates & a Variety of Mortgage Terms
  • Renovation Programs Available

Spokane Jumbo Home Loans

Spokane Non-Confirming Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
  • Primary & 2nd Homes
  • Variety of Mortgage Programs
  • Simple Qualifying for Veterans
  • Investor Specific Guidelines
  • Credit Score Minimums

Spokane USDA Home loans

100% Rural Spokane Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.
  • Primary Residences
  • No Down Payment Required
  • New Manufactured Homes Allowed
  • Closing Costs / Repairs Rolled In
  • Geographic and Income Limits Apply

Spokane Native american Home Loans

Spokane Hud 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.
  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed
  • Purchase, Refinance, and Renovation

Spokane Manufactured Home loans

Great Alternative Spokane Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
  • Existing Purchase or Refinance
  • New Construction
  • One Time Close Land/Home Combo
  • Lock at Contract
  • FHA, VA, USDA, Native American

Spokane Reverse Mortgage Loans

Your Spokane Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • No Credit Score Requirements
  • Minimum Age 62
  • Purchase, Refinance, and Cash-Out

Spokane Non QM Home loans

Making Spokane Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
  • Purchase, Refinance & Cash-out
  • Primary, Secondary, Investment Properties
  • Full Doc Programs
  • Alt Doc Programs
  • Corporations OK

Spokane One Time Close Home Loans

Build Your Spokane Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.
  • Primary Residences Only
  • One Time Close
  • Lock Rate at Closing
  • Traditional Final Mortgages
  • No Payments During Construction

Spokane Refinance Mortgage loans

Spokane Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.
  • Lower Monthly Payment
  • Shorten Mortgage Term
  • Streamline Options Available
  • Appraisal Waivers Allowed
  • VA IRRRL’s

Spokane Cashout Mortgage Loans

Spokane Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.
  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Dream Vacation
  • Higher Education

Spokane Washington Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

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