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FHA mortgage loans in King County, Snohomish County, Pierce County that exceed $424,100 will be considered an FHA Jumbo or “high balance” mortgage.
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In King County, you can finance a home up $592,250 (as of Nov 2016) with FHA financing. It’s important to note as we begin, as with all other high-balance or JUMBO loans, other restrictions (overlays) may apply, and you may be subject to a higher interest rate with a JUMBO loan versus a conforming loan (under $424,100).
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Seattle FHA JUMBO Loan Requirements

• A 3.5% down payment is required
• The Washington FHA Loan Limit of $592,250 does not have to include the UFMIP
(FHA’s Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)
• FHA Loans allow non-occupying co-borrowers such as parents and siblings
• The Seller can pay up to 6% of your closing and settlement costs
• The minimum credit score for most FHA Home Loans is 620 (even on FHA High balance or FHA Jumbo).
• You may receive a gift of funds for your down payment and closing costs
• Flexible guidelines related to buying after a foreclosure, bk, or short sale (see Dan)
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Ex: Contrast Between FHA and Fannie Mae

FHA
Loan Amount: $500,000
Down Payment: $17,500 (allows for lower down pmnt)
Min. Credit Score: 620 (allows for lower credit score)
Credit Score Used For Example: 700
Interest Rate: 4.00% (lower interest rate)
Monthly PMI: $362 (lower monthly PMI)*
Total Mortgage Payment: $2,665
* PMI required for life of loan (downside of FHA)

FANNIE MAE – Conventional
Loan Amount: $500,000
Down Payment: $50,000
Min. Credit Score: 680
Credit Score Used For Example: 700
Interest Rate: 4.625%
Monthly PMI: $431
Total Mortgage Payment: $2,873
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As you can see with the breakdown above, the FHA scenario is much more “flexible” in regards to a lower down payment, lower credit score requirement, and lower interest rate. Please note that with a higher credit score, the Fannie Mae Conventional option may be a better fit as there are split-PMI options that make the conventional option less expensive. I recommend scheduling a Mortgage Planning meeting with me to compare all of the options available to your specific credit application and goals.
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How to Get Approved For A Home Loan With Dan Keller

We make it easy. I encourage you to reach out to me through email or phone to have a mortgage planning discussion surrounding your mortgage goals and budget. There are so many additional factors that go into qualifying for a Home Loan today, it’s important that you are working with a professional that understands the ins and outs of the process and current market trends.
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To apply for a Home Loan, visit my Mortgage Concierge Page and follow steps one and two.
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I Want To Be Your Mortgage Advisor!

I LOVE connecting with my social media followers and readers! You are the reason I produce this content and share it weekly on Seattle Real Estate Radio 1300am. I can always be reached directly at 425-350-7136 or via email at dkeller@guildmortgage.net
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If you found this information valuable, please share it! If you are a real estate broker and would like more information like this to be shared at your next office meeting, please contact my office to scheduled me!
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More Info On Our Next Home Buyer Class – Home Buying 101 Mixer
Get Pre-Approved With Dan – Apply Now
Monthly Budget With Dan Class – www.BudgetWithDan.com
Download My Mortgage Planning Guide – Dan Keller’s Mortgage Planning Guide
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Want to know more about me? Visit my Yelp page to see what others say….

Dan Keller MLO# 115349

Call/Text: (425) 350-7136

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