Fairway Bellevue’s Jumbo Loans

Fairway Bellevue’s new jumbo loan gives borrowers access to jumbo loans without a loan limit, below 700-credit score qualification and more.

We’re changing the lending ballgame – literally. Fairway Bellevue is now offering jumbo loans unlike anyone else in the market. Our new program isn’t dictated by the strict rules that national banks impose on local lenders.

We’ve developed a system based on sensible lending principles which allows us to provide local jumbo loans in a larger, more flexible format. What does this really mean?

It means we’re now offering:*

No Loan Limit
Typically, jumbo loan limits cap out at $3 million. Even if you have a great credit score, a good income and 20 percent down, getting a larger loan isn’t an option – with most lenders. Fairway Bellevue can offer borrowers who qualify and are purchasing homes within the Tri County Area (Pierce, Snohomish and King), jumbo loans without a limit.

Below 700 Credit Score Qualification
Most lenders tell you that you have to have at least a 700 credit score to qualify for a jumbo loan. And this is true, if you’re working with any lender except a Fairway Bellevue Loan Officer. Our new jumbo loan program allows us to provide jumbo loans to borrowers with a 660 or higher credit score.

Cash Out Beyond $500,000
While the standard jumbo loan is certainly larger than $500,000, this is typically the cap on how much hard cash you can actually receive. Normally, your jumbo loan has to be directly invested into a home. This means, if you need excess capital to invest in the stock market or use for a remodel, you’re out of luck. With Fairway Bellevue, you’re not. For borrowers who qualify, we offer larger cash out amounts.

One Appraisal
Big money means big risk. National banks don’t have a tie to the community. They don’t understand the nuances of each neighborhood. To cover their bases they require at least two appraisals before your jumbo loan is approved. A two-appraisal process will at best significantly slow down your loan’s closing timeline at worst cause the loan to not close. In today’s market, this can cost you the home of your dreams.

As a local lender, we don’t have this problem. We know the area intimately. Therefore, we’re able to offer single-appraisal approvals.

Unique Property Types
Most lenders can only approve jumbo loans for properties which fit within very traditional, hard-and-fast rules. There is no wiggle room. For example, one major financial institution has an acreage maximum on their jumbo loan limits of 20 acres. If a property you’re considering is 21 acres, it won’t be approved. There are no ifs, ands or butts about it.

At Fairway Bellevue, our new Jumbo Loan is based on a set of guidelines. This gives us the flexibility to look at a 21-acre property and realize it for the good investment it is.

Have questions about Fairway Bellevue’s jumbo loans? Contact one of our Loan Officers today.

*This program is based on guidelines. Each of these unique offerings is available based on borrower qualification.


Be the first to post a comment.

Leave a Comment

Your email address will not be published. Required fields are marked *