April 11, 2020 – This week, CHASE Bank and a couple of other large banks announced they are suspending JUMBO loans and all other mortgage programs unless the borrower has 20% down and a 700 or greater credit score.
This is largely due to two factors – Risk and Liquidity. I explain the “why” behind these changes in the video below. The great news is, we are still offering loan programs that serve our JUMBO clients as well as our Zero Down first time homebuyer clients in the greater Seattle area markets!
Quick reference: What is a JUMBO loan? A JUMBO loan is a mortgage loan that exceeds the county loan limits. In King County, Snohomish County and Pierce County, the max loan limit is $741,750. Therefore, any mortgage loan that exceeds $741,750 is required to meet a separate set of qualifying guidelines under JUMBO loan parameters (typically 20% down, 12-24 months of reserves in the bank, 700+ credit score, and no gift funds…).
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