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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.
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).

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)

Ex: Contrast Between FHA and Fannie Mae

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
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.

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.
To apply for a Home Loan, visit my Mortgage Concierge Page and follow steps one and two.

I Want To Be Your Mortgage Advisor!

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Professional - "Why I Work with Dan Keller"

Dan Keller – Lic # MLO 115349
Mortgage Advisor/Branch Manager at
CrossCountry Mortgage, Edmonds, WA
8129 Ballinger Way Suite 105
Edmonds, Wa 98026

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